vCollect aims to prevent borrowers from moving from ‘missed payments’ to ‘delinquency’ through a combination of responsive actions and customer-centric experience delivered by:
Data from traditional and digital sources is compiled to provide a complete contact and treatment strategy to create a customer-centric experience for collections service personnel.
Data from various individual events of the borrower (lending lifecycle, demographics, and bank policies such as business and compliance rules, borrower profiles, arrears and payment history, instances of hardship, risk trigger events, etc.) is used to generate next-best-actions.
vCollect provides full transparency into the cost-effectiveness of legal and recovery processes such as agency hand-off and management and other field collection processes.
The solution collects feedback and performance indicators from collection suppliers. It leverages adaptive analytics and historical data to automatically apply the best fit strategy during subsequent interactions, complete with a detailed time-stamped audit trail.
vCollect can review a bank’s existing collections case portfolio as a series of batch feeds and adjust the next best actions and/or adjust treatment strategies for each debt being reviewed. By creating a holistic view of the customer from multiple data sources, the solution provides the best opportunity to contact the customer in the channel of their preference and enhance overall decisioning.
Probability of delinquency is arrived at by analyzing borrower’s financial data and inputs concerning occurrences of manmade and economic catastrophes/events.
A risk rating is assigned to the borrower that helps banks identify/mitigate the risk of a customer defaulting in an unprecedented situation.
vCollect extends Pega Collections Rules-driven risk strategies to incorporate additional collections capability not available out of the box. Pega Customer Decision Hub helps interpret customer and collection agency behaviors. Latest industry regulations are combined with channel data to proactively suggest relevant actions to prevent delinquencies and improve the cost-effectiveness of collection agencies.
Customer information collected for collections can be leveraged for the full spectrum of banking activities across other products, applications, lines of business, and geographies. Processes, rules, interfaces, and decision strategy management are easy to adapt without system downtime.
Customer interactions are optimized based on past and real-time behavior inputs. Custom follow-ups for reminders and other communication are delivered to the customer’s channel of choice.
The solution does away with inflexible, one size fits all templates and instead brings in business rules personalized for each customer. It calculates Days Past Due (Arrear Ageing) dynamically and suggests/applies NBAs driven by business rules.