Debt Management is often a tedious exercise utilizing several critical resources, time, and effort. Collections is a vital function that if mismanaged, immediately burns a hole in the profitability of the financial institution.
It is imperative for financial institutions to use robust systems to manage collections for smooth functioning in the long run. Veefin CMS is a systematic solution, that digitizes collection processes based on customized rule-engines, automates alerts to escalate concerns to the right users, and records updates to the case on a real-time basis offering better visibility and control on collections.
With instantly configurable systems that are dynamic to manage multi-level workflows in parallel, Veefin CMS is a thorough and efficient tool for collection management
Process flow
- Delinquent Account Identification CMS integrates with the Core Banking System and LMS to segment and identify potential delinquent accounts basis pre-determined rule-engines
- Delinquent Account Classification Upon identifying such accounts, AI-backed workflows bucket them into Early Alert and Non-Performing Loan Buckets
- Risk-Based Allocation Depending on the level of risk associated with the account, they are grouped into similar risk-level cases and assigned to respective individuals
- Multi-Channel Follow Up Follow ups can be triggered based on customizable rule-engines via SMS reminders, E-Mail alerts, or Call-center phone calls to record Promise-to-Pay commitments
- Task Manager Actions initiated, conducted and pending tasks to be done for each account are then recorded on a real-time basis by the case manager
- Real-Time Monitoring Management can review and monitor status of delinquency account-wise, sales manager-wise, or region-wise and decide on next action steps
Distinctive Features
Multi-Channel Integration
Veefin CMS integrates information from Multi-level workflows across various channels be it Telecalling, Field Agents, Legal, Repossession, Resale or settlement in to one system.
Configurable Workflows
Instantly configurable workflows to define identification, segmentation, and allocation of collection accounts along with their corresponding next steps.
Information Symmetry
Real-time interactive interfaces optimizing outcomes from each interaction to bridge information gaps, if any, between field agents and management teams.
Informed Decision-making
Pre-Built Hierarchy for decision-making in case of difficult accounts offering all historic and relevant data points to the decision maker preemptively.
Prioritize Escalations
Evaluation of risk based on past trends and alerts from customer-specific data points to auto-allocate and prioritize high probability defaults for swifter action.
Risk Mitigation
Role-specific dashboards capturing all relevant data-points, enabling leadership teams to take corrective actions to mitigate similar defaults in the future.