Automate Credit Management and Decisioning
Save costs, simplify the process and serve your customers faster with an automated credit application processing system.
What is Credit Management?
Credit management refers to the process of managing the credit that a business extends to its customers, as well as the credit that the organisation receives from its suppliers. This process involves the establishment of credit policies and procedures, the use of credit-scoring models, and the management of credit risks.
Effective credit management can help a business maximise its sales and minimise its risk of bad debt while protecting its cash flow and maintaining good relationships with its customers.
The key elements of credit management for businesses include:
- Assessing the creditworthiness of potential customers and setting credit limits
- Continuously monitoring and managing the credit risk of existing customers
- Maintaining accurate records of credit transactions and payments
- Establishing clear terms of credit and follow-up procedures for past-due accounts
- Utilising collection agencies or legal action as necessary to recover past-due amounts
- Continuously evaluating and updating credit policies and procedures
Credit Process Automation Suite - StrategyOne
Automate your credit management and decisions with CRIF's Automation suite to standardise and simplify processes, reduce manual interventions, increase productivity, lower costs, and improve customer turn-around times.
Our credit management automation suite streamlines routine tasks through automated workflows and processes, segments your clients, and keeps track of unpaid invoices. This frees up your time and attention to concentrate on clients who require a more personalised approach and find a solution and workflow that works for them.
When you understand your client base well, you can take a quicker and more appropriate course of action when you suspect payment issues. Customer history, data, and associated risks are used to forecast which customers will pay their invoices on time and which will not. You can then customise your approach and interaction to each scenario. Our automation suite also gives you information about potential risks.
Loan Origination Software is an automated loan processing system that automates the end-to-end process, from data capture to approval and booking, using the loan decision software to orchestrate manual activities with workflow and document management, connect participants and integrate all systems involved to meet your credit process needs. This process is concluded with a pre-defined or custom-tailored solution using CRIF’s loan processing automation suite.
Automate your decision process across any stage of customer interaction, whether at the application stage, servicing stage or collections stage, using CRIF's credit automation suite - StrategyOne. StrategyOne puts you, the business user, in the driver's seat to implement quickly and easily, test, monitor and change business rules, policies, credit scores, scorecards, calculations and entire decision processes without any coding effort, using credit, loan or mortgage process automation.