How To Automate Your Late Payment Collection?
Collectors gain a position of prominence in the company as they are the ones who bring in revenue and are the first point of contact for debtors. More productive agents mean more efficient collections and higher company income. Although ‘debt collection’ has traditionally been a “call-and-respond” industry in the past, today, more automated tools are available to improve the process and reduce the limitations of humans.
What is an Automated Debt Collection System?
An automated debt collection system is software, that allows lenders to keep track of the loans disbursed and follow-up with their respective debtors, estimate, and prioritize debt collection and recovery. A debt collection software is integrated with the enterprise resource planning (ERP) software of the lender. A loan management system will help the lenders get an overview and hold over the debt management procedure while automating debt collection using technology.
Automating the debt collection process starts from identifying the debtors and ends at the final settlement. One of the prime players of automation in loan recovery is CRIF’s Contact collection system – a tool that streamlines the entire collections process, including integrating payment gateways and communicating with customers.
What is CRIF’s Contact Collection System?
Contact is CRIFs 360 Degree debt collection solution for debt management that helps organizations to automate and streamline the collection process. The user-friendly debt collection software can be configured easily and efficiently, its flexible yet secure user interface helps users to implement their strategies and configure the data grid as per their requirements. The Decision Engine segments debtors based on collection scores (early delinquencies / late delinquencies) and a combination of business rules to address the best collection action.
Based on the selected collection module, Contact is able to analyze, monitor and check the results attained in real-time through the use of a business intelligence platform. The Contact system has a powerful mechanism for automating processes of any complexity to help users implement their strategies. To analyze the collection report Contact has a built-in reporting function along with monitoring dashboards.
Does automation replace human debt collectors altogether?
Leaving apprehensions aside, automation can never fully replace debt collectors. It is simply a tool that can be used as any other tool to improve collectors’ performance and productivity. The nature of the debt collection industry is such that it becomes mandatory to take assistance of human intervention and judgement for situational analysis and negotiations. What AI can do is offer deep insights using data to suggest collection trends and patterns. A company could then use that data to identify which collectors are good at collecting certain accounts and examine the amount of time spent on individual accounts.
To conclude, businesses that use automation, tend to improve their debt collection processes and increase their focus on consumers. To know more about Contact Collection System – CRIF’s debt recovery solution