COLLECTION & RECOVERY SERVICES

COLLECTION & RECOVERY SERVICES

In the current economic environment, COVID 19 has played the villain in numerous ways. Organizations face difficult challenges as their infrastructure and resources are strained, and organizations in the UAE are no exceptions. Priorities have changed. Enterprises are now focussing more on increasing cash flow, operational efficiency, and collection productivity. Streamlining change management processes has become an urgent priority for most enterprises.

DEBT COLLECTION

The largest source of revenue for debt collection is financial services debt. Institutions must deal with a maze of regulations, collection agencies, multiple contacts, and different borrowers. Debt collection software plays a vital role here. Ideally, a debt collection software should have the following features:

Borrower Management

Consolidated borrower information is essential for efficient debt collection. It should cover all the borrower’s life cycle stages, viz., borrower onboarding, segmentation, debt recovery prediction, and closure of the case.

Asset Classification

Segmentation of borrowers into different debt buckets is essential. For accurate segmentation, a debt collection software uses days past due, the amount due, credit repayment history, and repayment activities.

Workflow Automation

Within the debt collection, a workflow automation tool would handle case distribution right from inquiry to collection and disbursal. This mapping and distribution are based on the availability of agents, collectors, and geographical location.

Activity Tracking

Tracking customers at every stage of their lives is fundamental to accounts receivable management. A collection management software reciprocates the details of a debtor’s interaction in real-time.

Notifications

Reminding debtors about repayment dates can be quite a challenge. It is best to use a targeted in-app. WhatsApp notifications. Emails, SMS, to remind debtors about the time and date for the instalment and loan repayment.

RECOVERY

A collection agency, first-party or third-party, may be involved in debt recovery. This requires that the organization keep a tab of collection agents or agencies to ensure timely debt recovery. Debt recovery software should enable the following:

Call centre lifecycle management

The productivity of field collection agents

CRM integration

CHALLENGES FACED BY DEBT COLLECTORS

Some of the severe challenges that are faced by debt collectors and can be easily addressed by debt collection software are :

Time constraints

Segmentation and prioritization of customers

Mitigation of default risks

Contacting customers across varying time zones and geographies

Staying updated with changing regulations

The number of recovered debts shows the success of the collection process of an organization. However, the overall business prosperity is determined by the debt- recovery time and effective utilization of resources. Suppose it is the elimination of external dependencies coupled with a panoramic view of cash flows and automating business processes that you are looking at in the UAE. In that case, Data Direct is the answer.

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