An advanced collection solution distilled for tomorrow’s credit union
‘Too much of anything is bad, but too much good whiskey is barely enough.’ – Mark Twain
The old quip that things get better with age is often true.
Take the obvious: whisky.
A good whisky spends years aging in barrels after careful cultivation and blending. This maturation process promotes three areas of impact to the product: subtractive (taking away the less desirable flavors), additive (color and flavors taken from the barrel), and interactive (the distillate reacting with the wood, with oxygen, and with the barrel char). Good whisky becomes more refined and its flavors more complex and nuanced after maturing in the barrel-aging process.
The experience and care from a seasoned master distiller gives it the color, complexities and nuances that we expect when we sip it.
I’m not a liquor distiller (though I do confess to enjoying their results), but this process strikes me as analogous to the evolution of software products. The product must begin with a good recipe – in the case of software, an inventive solution to address a common business need. From there a process of maturation begins – where inputs from customers and partners are distilled by a talented, experienced team to optimize and add capabilities and interact with complementary services in the continued improvement of the system. As the maturing process for liquor provides greater depths of flavor, the maturing process for software provides greater reliability and effectiveness in meeting the underlying business need.
While previous vintages are maturing, a master distiller or winemaker remains hard at work. Applying years of experience, the maker will employ new ingredients and improved processes to deliver even more appealing vintages. Leveraging the finely aged results of past work while continuing to innovate with new recipes is a mix liquor distillers and winemakers have used to bottle the products so many enjoy. It is also the mix Temenos employs to deliver valuable software solutions – including the Collections solution.
More than two decades of maturation has produced the most robust Collections solution on the market. Building on the recipe of a flexible and automated solution as well as collaboration with hundreds of customers and partners has produced a product with an unmatched depth of “flavor” and “smoothness” that, in this case, is a prized functionality and reliability. We bring the experience of having implemented and supported hundreds of credit unions and banks. And customers of the Collections solution can pull out a glass and “tap” into differentiating capabilities such as:
• Fully configurable workspaces, screens, workflows, reports and queues – empowering the business to adapt the solution to future business needs.
• A suite of over 50 integrations to best-in-class 3rd party services across a range of functions, including account data sources, insurance products, real-time payments, account analytics, and text/SMS – to name a few.
• Integrated case management supporting management and automation of specialty processes alongside more standard collection activities.
• Integrated business rules that can evaluate any data in the system to raise important and instructive messages to collectors, or intelligently carry out workflow routing or automated activities.
• A foundational, open REST API exposing data and business services for integration and extension of the system’s capabilities.
• A solution that offers hosting flexibility for customers – supporting on-premises hosting at the financial institution or SaaS delivery by way of hosting in the Temenos Private Cloud.
We look forward to continuing to work with our valued customers to ensure they are all able to appreciate these and all “notes of flavor” the Collections solution offers. We also look forward to the new variations we will deliver in future “vintages” of the product.
Like any top Master Distiller, Temenos remains steadfast in blending what has worked best in the past with new contributions and industry best practices to ensure its end product remains unique and unparalleled in the market. Temenos’s commitment to our Collections customers, product, partners and market remains true as well. We are proud of our reputation as a trustworthy producer of this market-leading solution, and we are thrilled at the prospect of remaining a market leader going forward. We will continue building upon the reliability of a proven solution with the latest technology from our extensive product research along with a vibrant product roadmap. We are putting our experienced, talented team – iwhich continues to grow – together with the expertise that business and technology partners bring to the table to ensure a future-ready solution.
The “new ingredients” with which we are working to bolster future releases include:
• Integrations with additional complementary services from existing and new partners.
• Combining our digital engagement platform and real-time API-based integration to offer ‘virtual collection’ portal through which delinquent accountholders can self-service on accounts.
• Employing a rich set of existing data, Temenos-native “Explainable AI”, and 3rd party partners to deliver meaningful and compliant use of artificial intelligence for collections and specialty processes.
• Accelerated technology evolution that will deliver a new look & feel, additional hosting and deployment options, and continuous improvement around the installation, upgrade and support of the Collection solution.
We appreciate your loyalty to our brand and look forward to partnering for bigger and better things ahead. So, let’s pour a glass and explore how you can distill the robust capabilities of the current and future “vintages” of the Temenos Collections solution to optimize your business.