Moving Collections from a Legacy System
With compliance, market and economic demands, responsibility to steer a legacy systems future, it is extremely difficult to keep up with quickly shifting channels and business goals. A vigorous bank collections and recovery software system that compliantly guides, automates and streamlines the workflow procedure, allows for strategies that capitalizes on resource performance and cash flow, is typically not available directly from and within these legacy systems.
Legacy systems present one of the major obstacles when it comes to delivering more personalized services faster.
Established retail financial institutions carry a great deal of operational complexity, due in part to legacy systems and processes. Nowhere is this more evident than in debt recovery.
Banks’ legacy systems also hinder the compliant movement of data between silos, preventing the total view of the customer required to provide personalized services to customers. Silos can cause unnecessary collection compliance risk, and will prevent maximum collections effectiveness. They have built layers and layers on their legacy core systems to support new consumer tech trends like mobile and social media.
Those layers mean financial institutions cannot move quickly, and struggle to stay compliant and update their mobile banking apps or tie together their smartphone, tablet, and online banking experiences.
Legacy practices and technology plague debt-gathering departments. Flawed logic and tools leave revenue on the table, create unnecessary collection operating costs, and expose institutions to unnecessary collection compliance risk. But this is correctable with today's technology.
A robust system helps review any debt owed the bank or credit union. It can consolidate separate serviced debts into a consolidated view. If the client owes the financial institution, for any reason, CARM-Pro can accommodate that past due debt and analysis.
Automating the process empowers the team to minimizing operating and outsourcing costs and lays the foundation for improved ROI through comprehensive management reporting, as well as monitoring operations.
It allows the group to implement helpful processes such as automated work flows, tuned account collector assignments, responsive context-screens, real-time refreshment, managed expenses with automated tools. In addition, it has to monitor outside accounts; and utilize challenging capabilities to experiment with alternatives such as workflows, call campaigns, automated scripting, and segmentation methods.
What processes a financial institution implements depends in large part on thorough documentation of the current manual and automated processes your debt and recovery experts utilize, with a future eye towards maximum organization benefit (often shed from legacy system constraints). System design documentation should drive the configuration and custom application development.
Gathering feedback, requirements and insights agents need to perform their responsibilities successfully needs documentation, as well as automated processes handled by the current system, which are frequently overlooked.
CARM-Pro robust bank loan collection and recovery software helps banks and credit unions increase revenues and reduce costs through improvements in compliance, resource efficiency, and superior reporting.
Don’t Forget Other Legacy Items
There are many things to consider if your financial institution is considering a change from your legacy system.
Foremost is selecting a proven best of breed partner, with extensive experience in this specific space.
Such as providing an exit/roll-back strategy for the legacy system. Legacy-data rollback strategies are critical safeguards for a responsible application migration. A new vendor should expect the unexpected and have a plan in place. The simplest but also most time-consuming method of rolling back is to run systems in parallel, mutual efforts on the two systems. In addition, banks and credit unions might consider a data extraction program.
In selecting the right collections system, do not forget about an escrow account. Source code for the system, held in escrow, protects the financial institution against unexpected issues, such as the code owner going out of business or other severe situations.
The system must deliver timely, consistent and relevant messaging to consumers in order to consider the entire relationship in the process. Enabling collectors and automating ways to consider the risk and exposure a customer poses in the evaluation process, significantly improves decisions and negotiations.