Collecting a past due debt is not unique to banking. But now more than ever, your loan officers must manage an increasingly wide range of variable and complex debts.
Specialty loans of all types are now common, as well as rising credit card debt, overdrawn deposit accounts, and more. Increasing regulations, coupled with the demands of loan insurers, bank guarantors, and other vested parties each add rigorous compliance obligations to your bank’s collection process.
The business goals and debt collection strategies for banks are very different from the goals and strategies of collection agencies seeking to collect on someone else’s debt, or to collect on debt that they purchased. That’s why CARM-Pro™ was created to serve as dedicated debt collection software for banking.