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Debt Collection Software to Automate Debt Recovery - Credility

2022-11-05 10:11:20

Debt Collection Software to Automate Debt Recovery - Cr...

What is debt collection software?

Also called payment collection software, it is refined as a digital tool used to follow up and track the debtors, prioritize and predict debt recovery. The software also helps with faster collections.

In general, most lenders are dependent on third-party agencies for their client repayments. A debt collection software helps to remove all these dependencies. It could also send reminders for repayment and offer different payment terms and solutions to customers. Thus, it can reduce the overdue emi numbers and increase the repayment percentage for the company.

Typically, the software is integrated with loan management systems to cover the overall processes of debt management. The top features include:

Features of Debt collection software 

Borrower Management

Financial institutions the world over usually create and maintain a borrower profile or portfolio. Depending on the collection strategy and borrower persona, the lender assigns collection cases to their resolution agencies or call entrees.

The digital software is usually customizable as per the specific requirements of the lender. It may also contain different applications for accounts collection and receivable on their bad debts. In general, most debt collection software contains features like recovery automation, borrower management, and real-time analytical insights.

To begin with, financial institutions need to possess comprehensive borrower information. This helps their recovery agents to hold manual conversions with their customers. Based on customers payment received in past, goCollect can help predict its future payment dates and accordingly alert the recovery agents. All this information helps to strengthen the borrower profile for use in the future. The debt collection software also allows you to import the older as well as existing cases from another software into the existing software as and when required.

The debt collection management software could effectively manage the productivity of the field agents of the company by sending them regular day planners, reminder notifications as well as route guidance to save field agents time when they are working on the field. The agents could achieve this efficiency with the help of mobile or web-based lending management system. The managers can also track all the activities of their field force to ensure better productivity. Also, the software allows the field agents to maintain and monitor their pending activities on smartphone applications.

Advanced analytics

Analytics features allow decision-makers to achieve data-driven insights about customers, team performance and collection efficiency. These types of insights are critical for the evaluation of the ROI and eliminate the bottlenecks present in the collection funnel.

The smart analytics dashboards help to derive insights on the borrower profile, active liabilities, agent performance, ongoing payment plans, pending payment and so on. It also helps to distinguish the cases depending on the changes in the lead generation stage and helps to generate a comprehensive performance report depending on agents, regions, teams and products.

The comprehensive report also includes the number of successful debt recoveries, non-responsive borrowers, intention to pay and the average time for debt recovery. With the help of these reports, the teams from different departments work in sync with the entire recovery performance and avoid the efforts for duplication. Therefore, every stakeholder is actively aware of the repayment stage of the defaulter.

The smart machine cleansing models could further help to predict the recovery chances for companies. With the help of advanced analytics and automation, the company can assign different scores of recovery predictions for individual debtors as well as the expected time for recovery payments. This helps the top management to make informed decisions on individual debtor cases which helps to create a better borrower manual contact strategy for the company.

If you want to find the best digital debt collection software, you must visit Credility today.

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