When creditors, lenders, government departments, banks, DCAs or any debt collection and recovery operation evaluate technology to manage their operations, they’re often presented with a choice:
- Configure a general-purpose platform to fit their needs, or
- Invest in software that is purpose-built for debt collections
What exactly is a commercial-off-the-shelf (COTS) Debt Collection Software product, and why does it matter?
In short, it is a platform designed specifically to support the unique demands of consumer and commercial collections – something a generic, low-code platform isn’t intended to do now or in the future. Here is what sets a dedicated COTS Debt Collection System apart.
It comes pre-built for collections from day one.
Purpose-built Debt Collection Software doesn’t require starting from scratch. It comes with core features and functionality designed around real-world collection needs. Whether you’re a bank, financial institution, utility provider, government agency, or a third-party collector, the platform is ready to support your operations right out of the box.
- Agent desktops optimised for various stages of delinquency – containing all the data that is needed but dynamically presented to support your agents.
- Self-service portals that align with your policy and business rules allow your customers to make payments, arrange payment plans, advise you of their economic situation, or interact digitally.
- Sophisticated repayment plan rules that can handle everything from simple single repayments to more complex, longer, flexible schedules.
- Workflow configuration tools tailored to replicate your business processes and collection strategies, allowing you to fully comply with regulations.
These features, whilst usually requiring configuration, come as standard and do not have to be designed and built.
It speaks the language of collections.
Unlike configurable platforms that need to be designed to handle collections, a dedicated system understands the nuances of this function.
- Integrated decision logic supporting treatment strategies and collections outcomes
- Built-in tools to help you remain compliant
- Digital-first communication channels
- Configuration aligned with collections best practices and customer engagement strategies
It’s connected to the right ecosystem.
Collections rely on a wide ecosystem of tools and services. A dedicated system typically comes with tools to support your integration to:
- Debt collection agencies
- Legal service providers
- Credit Bureaus and data providers
- Payment providers and host systems
It has a Roadmap that will continually work for you.
One of the biggest advantages of a true SaaS collections platform is that innovation does not stop at go-live. Vendors focussed solely on debt collection software continually invest in:
- Collection specific features
- User experience changes
- Regulatory supporting functionality
It delivers value faster.
Time matters. Collection system implementation and conversion can be expensive and resource-intensive. A dedicated platform gives you a massive head start by:
- Reducing the time to implement
- Accelerating time to value and ROI
- Lowering the risk of failure and rework
In contrast, building from a low-code platform often means longer timelines, higher consulting costs and the risk of underwhelming results.
So, why a dedicated Debt Collection Software?
It gives you a platform shaped by the industry it serves. One that delivers critical functionality, fast integrations, and a roadmap you can rely on. It is the difference between adapting a tool and using the right one from the beginning.
If your collections strategy and success are important to your organisation, it pays to start with a system that was built for the job.
To learn more, click here!