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Collection & Recovery

The Collection & Recovery product family offers full-featured risk management applications for North America that are a perfect fit for any financial institution interested in reducing delinquency, improving efficiency of collection and charge-off efforts, outsourcing accounts and streamlining specialty processes. 


Issues faced in collection & recovery

Financial distress is a daily challenge for many account holders, and financial institutions have to effectively manage the risk involved. Collection and recovery is a vital part in any successful financial institution’s well-being. Financial institutions must reduce delinquency, improve efficiency of collection efforts and streamline specialty processes like bankruptcy, repossession and foreclosure management. Today, many financial institutions are facing challenges like:

  • Limited ability for the management team to monitor activities and performance of collectors and specialists, as well as insight into queues and processes.
  • Limited workflow capabilities within the group, or lack of automation in place for collectors to use while working delinquent accounts.
  • Lacking a good tool to implement best practices and monitor progress, most notably for specialty processes.
  • Lacking a centralized collections resource, forcing collectors to toggle between multiple programs.
  • Limited queuing capabilities necessary to assign accounts with the needed level of flexibility.
  • High level of dependency on IT to support the reporting, letter and queue requirements of management.
  • Limited automated letter processes existing for letters and forms that originate from the collections group.

 

How our solution helps

As part of the Lifecycle Management Suite, the Collection & Recovery product family provides a single platform for managing and monitoring collection activities. These solutions increase visibility and understanding of each relationship with a person-centric, 360 degree view of the account holder and all related accounts. Our solutions allow you to create an environment that supports the way you work, while managing the whole process without relying on IT! The Collection & Recovery product family improves efficiency across the entire process through communication, automation, visualization and integration. 

 

How it’s delivered

There is a growing realization of the need to embrace streamlined and cutting-edge technology, but where to start and how to mitigate risk?

  • Temenos boasts an extremely broad range of complementary solutions providers, bringing you the ability to choose from a specialized and diverse pool of experience to complement the Collection & Recovery products.
  • The system is modular, allowing financial institutions to deploy solely the products they need, or the entire system either using a phased approach or a holistic implementation, based on their needs.
  • The system is deployed onsite, along with any “connectors” to third-parties. Once the infrastructure is in place, other modules from the Lifecycle Management Suite can easily be plugged in.
  • During the initial stages of the implementation process a Temenos representative is available on-site in order to implement configurations specific to the organization’s needs, while also offering training to system administrators.

LifecycleManagementSuite

Manage every phase of the account lifecycle.

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