Product

Introduction

SmartCollect121 is a world class debt collection management, recoveries and credit reporting solution designed to empower financial institutions to manage their debt efficiently and effectively . From its inception, SmartCollect121 has been designed and developed as an end-to-end debt management and recovery software application at the heart of cost efficiency, workflow management, compliance, collections and recoveries productivity.

The system design is based on simplicity, workflow efficiency, information availability and operator effectiveness. In comparison to other available debt collection systems, further measures have been taken in order to better understand the business processes, regulatory framework, debtor profiles and reporting requirements.

SmartCollect121 has been designed to be configured to financial institutions specifications for managing the entire collections workflow with an ability to provide:

• A single customer view of all accounts
• Online access to all account information, schedules, queues and tracks
• Monitoring of the follow-up of delinquent accounts
• Sophisticated collector performance and trend analysis reporting for more effective management of any collections and recoveries operation

SmartCollect121 helps businesses to:

• Lower collection costs resulting in increased collection rates through improved regimentation and targeting of the "right" accounts to work
• Flexibility to implement and rapidly change strategies to address unique business requirements regardless of the level of complexity..
• Ability to have a complete view of the customer or account through integrated collections, recovery, litigation and agency management.
• Develop world class reporting capability (portfolio, delinquency, operational and people efficiency)
• Automate collections workflow
• Maximize collector productivity and effectiveness using call centre campaign manager functionality
• Eliminate all of the manual diarising account follow-up and also integrates with third party systems for SMS, Letter and Email notifications
• Full audit trail of all collection/recovery activities.

SmartCollect121 is highly flexible

SmartCollect121 is a highly customisable, modular solution that can integrated with a wide range of client systems and data sources. An agile implementation model enables SmartCollect121 to achieve a much quicker return on investment through earlier and faster collection of the outstanding debt.

SmartCollect121's architecture ensures full and seamless integration with all other IT systems applicable to the collections process, including: core banking. including billing systems, CRM/ customer information systems, mail houses, messaging systems, provisioning systems debt recovery agencies, credit bureaus and third party analytics engines.

SmartCollect121 solution design:

Below a reflection of how SmartCollect121 works

Product Features

SmartCollect121 is a highly sophisticated debt management decision engine in the financial services sector and the system’s effective functionality makes it irreplaceable for organisational debt management.

Capabilities of SmartCollect121:

• Streamlining workflow processes : SmartCollect121's debt management decision engine is capable of streamlining the collections process, reducing bad debt write-offs, improves cash flow and reduces provisioning
• Automation : Takes manual diarising out of the picture and streamline business workflow processes
• Simplifying User Experience : Designed to be simple and easy for an operator to understand
• Seamless Integration : Its software architecture ensures full and seamless integration with all other IT systems applicable to the collections process, including core banking, data warehousing, API's, CRM/customer information systems, document management systems, messaging systems, mail houses, provisioning systems and third party analytics engines.
• Dynamic Segmentation : Dynamic segmentation SmartCollect121 can segment customers into highly specific customer types according to a wide range of variables, to provide greater flexibility in managing customers and to assign accurate collections priority.
• Apply business intelligence : The system has in-built advanced business intelligence functionality, enabling managers, team leaders and system administrators to monitor the effectiveness of the collections system, agents and to highlight areas that are performing well, while identifying those areas that require further enhancement.
• Controls and regulatory requirements : Implementing process, policy controls to avoid malpractices and minimise human error
• Data Quality : Increase quality of data using business rules and data capture smart logic.
• Enhanced Reporting Capability : Leverage System Reporting, DWH Reporting feeds and Automated Reporting Tools
• Champion/Challenger : Collections Managers can change strategies easily using Champion/ Challenger and filtering tools to test new strategies against tried and tested strategies.
• Faster Implementation : An agile implementation model enables SmartCollect121 to achieve a quicker return on investment through earlier and faster collection of the outstanding debt.
• Bureau Integration : Ability to manage all credit bureau reporting requirements as well as capability to interact with bureau at a customer level and deliver credit alerts.
• Customer CRM : Has the ability to keep customer contact information up-to-date via the SMS return and mail return smarts.
• Agency Management module is capable of allowing the financial institution to outsource its collections function , whilst maintaining a strong grip of its policy and procedures

Benefits of SmartCollect121

With all capital expenditure under intense scrutiny, the system selection criteria now more than ever needs to focus on overall cost of ownership and return on investment to the business.

Software solution selection can be a torturous process. As well as the standard price/ feature comparison, the evaluation of numerous criteria such as technology platform, system architecture, service and support and even corporate vision has become an integral part of the selection process.

However, in this environment of escalating losses, priority must be placed on those areas that will count most. Four key collections system attributes have emerged as having the greatest impact on a company's bottom line.

• Depth and breadth of system functionality
1. Workflow capability, Early, Appropriate Intervention
2. Making most out of Debt Collection Agents
3. Ability leveraging organisational information, process and people strength
4. Managing late collections, litigation and debt recovery
5. Enhanced reporting and decision making
• System ability to meet changing requirements
• Faster Implementation of the solution
• Total Cost of ownership

Key features of the system and its benefits

Features and Functionality	Description	Benefit
Streamlined Collections Workflow	Allows a financial institution to have a strict control of its collections process and policy. Module has the capability to automate the follow-ups, diarise, exception handling, skill set referrals etc.	Process and Policy Compliance Process Efficiency Increased Customer Experience
Automated Outbound Communication	This module has the ability to automate all standard outbound collection letters, SMS and other customer reminders	Cost Savings and Increased Productivity Increased Customer Experience Reduce Manual Account Diarising
Collections Strategy Manager	Module has the capability to change its collections strategy using an admin portal and by incorporating strategies based on individual customer behaviour, risk segments etc.	Collections Cost Efficiency Increased Customer Experience Provisioning Benefits
Call Centre Campaign Manager	Campaign Manager has the ability to create collections campaigns based on urgency and utilise collectors based on their experience and skillset	Collections Productivity Portfolio Health Real-time Reporting
Champion/Challenger Management	Collections Managers can change strategies easily using Champion/ Challenger and filtering tools to test new strategies against tried and tested strategies, in a real-time, low-risk environment	Better Customer Experience Collections Efficiency Increase Improvements in Collector Performance
Design Simplicity	Designed to be simple and easy for an operator to understand	Easy to train and ramp up collection officers
Dynamic Segmentation	Dynamic segmentation SmartCollect121 can segment customers into highly specific customer types according to a wide range of variables, to provide greater flexibility in managing customers and to assign accurate collections priority.	Increase Customer, Introducer and Client Experience Minimise complaints and compliance issues
Customer Relationship Management	Has the ability to keep customer contact information up-to-date via the SMS return and mail return smarts.	Better Customer Experience Increased Customer Compliance
Access to Quality Data	Increased quality of data due to system configured business rules, field drop downs and data capture smart logic.	Decision and Reporting Accuracy
Business intelligence	System has in built advanced business intelligence functionality, enabling managers, team leaders and system administrators to monitor the effectiveness of the collections system, portfolio behaviour, agents performance and to highlight areas that are performing well, while identifying those areas that require further enhancement.	Increase Collections Efficiency Obtain Information to Alter Collection Strategies
Enhanced Reporting	Leverage System Reporting, DWH Reporting feeds and Automated Reporting Tools	Product and Portfolio Level Reporting Collection Performance Reporting Customer Behaviour Trend Reporting
Controls and regulatory requirements	System has in-build configurable capability to implement process triggers, policy controls and regulatory standards to avoid malpractices and minimise human error	100% Policy, Process and Regulatory Compliance
Seamless Integration	Its software architecture ensures full and seamless integration with all other IT systems applicable to the collections process, including core banking, data warehousing, API's, CRM/customer information systems, document management systems, messaging systems, mail houses, provisioning systems and third party analytics engines.	Seamless integration with 3rd Party Systems
Agile and Faster Implementation	An agile implementation model enables SmartCollect121 to be implemented in record time and achieve a quicker return on investment through earlier and faster collection of the outstanding debt.	Low Cost of Implementation Quicker Implementation of the System and Future Changes
Credit Bureau Integration	Ability to manage all credit bureau reporting requirements as well as capability to interact with bureau at a customer level and deliver credit alerts.	Lower Losses and Smarter Management of the Portfolio
Agency Manager	Agency management module is capable of allowing the financial institution to outsource its collections function , whilst maintaining a strong grip of its policy and procedures	Policy and Process Compliance Lower Cost to Collect

Is it costly to implement the system?

SmartCollect121 is designed to operate as an independent system within the institutions firewall.
All it needs is daily delinquency report and customer contact information inputs through manual feeds or automated uploads.
It can be customised easily to meet each institutions strategies and requirements.