How an intelligent solution can Boost your collection by 200%
Start collecting before you lend , else you would end up borrowing - Anonymous
Collection – a very critical word in any banking process has always been the concern of the top managemnt and as the credit crunch of 2008 has shown us if not done carefully can bring even billion dollar empires down to rubbles.
There are more than 632 banks in Philippines and last year they alltogether lended almost Php 1.061 trillion in consumer loans (CLs) but the collection was at a shocking 73% only.So what is the problem, why these collection figures are not what it should be.
There might be several reasons behing the collection ration to be so low. Some of which might be:
- Improper follow-ups with the borrower ( no proper & regular communication at right time)
- Bad credit history of the borrower ( No history of the borrower’s last transactions)
- Collection agents calling at wrong time
- Improper handling of leads ( chronic defaulters handled by less experienced agents)
Banks who are unable to recover would pass on these defaulter leads to collection agencies, who would take on some amount and pass the rest to the bank. There are many windows between the point where the loan is lend and when it goes bad, where the collection ratio can be increased by use of proper technology.
Banks have been using collection technologies bought from foreign manufacturers, but these technologies were not available to the collection agencies due to their high cost of ownership. Now-a-days many companies are selling just Predictive dialer in Philippines without any specific customization for Loan recoovery and stick them onto the collection agencies ,projecting them as collection solutions, which would not serve the purpose eventually.
Over the past few years the collection community was in need of something built specifically for them around their collections process. Lgorithm solution, one of the leading solution provider for customer engagement understood this and built their platform aroung the collection process. Lgortihm solution had been a pioneer in BPO industry, but with its innovative features now is a growing name in Collectios domain too. Lgorithm’s Falgship product NGUCC has various features built aroung the collection process such as :
- Call back scheduler for PTP
- Past history transaction
- Bucketization of leads
- Skill based routing
- Predictive dialer
- Multiple contact number feeder
- CRM with special features for Collections
- Voice Blast for Automated paymet reminders
- Field agent monitoring solution
- Least cost routing of calls
Lgorithm solution has changed the face of collection solutions in Philippines by helping collection agencies in increasing their per agent debt colected by almost 200% as compared collections through manual dialing and has helped them grow and prosper.
To know more how we can help you boost your colections and reduce your collection cost simply visit at t www.lgorithmsolutions.com or call us at +63 9173126202 or +63 9055238110 or write to us at firstname.lastname@example.org. You can also request for a free trial on Skype at lgorithmsolutions