The Case for a Fully Integrated Modern Platform as the key to Supercharged Collections
Today, many creditors feel that they are collecting with one arm tied behind their back. That they’re not collecting as much as they should. And this isn’t just a feeling.
The consumer lending market is really complex and far too many creditors wade into the market using little more than ‘clunky’, outmoded collections platforms that sacrifice both efficiency and cost. What’s more, those platforms just can’t keep up with increasingly complex compliance standards either. Why? A key reason is many of the more widely known collection platforms in the market today are based on technologies and tools that have been around for more than a decade, even though newer technologies and tools have been proven in recent years. Those systems, some of which may be touted as being “new” in the market, may likely consist of a patchwork of outmoded components or legacy applications that do not interoperate well or simply cannot perform requisite functions.roducts; cards, secured loans, unsecured loans, credit lines. It should also have the ability to handle the various legal processes that must be supported, such as bankruptcy, judgments and garnishments as well as collateral-related processes, such as repossession, storage and auction. And, above and beyond all this, any new platform needs to be capable of handling all associated financial processing required. That means interest accruals, payment allocation and shadow accounting.