At FinSSG our Collections & Relationship Management solution, CollectRM, has been engineered to classify Collection processes into specific Campaigns, based on events such as Natural Disasters and Pandemics, or even localised for a range of Customers, based on perhaps Postcode or Alphabetic Ranges.
Features such as the following, all to focus the Lender on proactive Debt Management whilst maintaining exceptional Customer Service and Relationship Management:
- Per specialised Campaign or by Groups of Customers, be able to estimate Risk and Exposure at any time;
- Pro-actively adjust Policy/Campaign to minimise Risk;
- Creation and Management of Promise to Pay (PTP) and Hardship Campaigns;
- Hardship workflow and document management to manage Customer contact compliance and ethics;
- Categorize accounts in hardship based on their risk profile; and
- Automatically prompt Collection Staff reminders for collection.
What is Promise to Pay?
In general, when a customer is unable to make a repayment on the due date, they contact their lenders or credit providers seeking arrangements to make the overdue payment. During this time if the customer can give confidence to the lender within a reasonable duration, they will be able to pay the full overdue payment or at least part of it, it is known as ‘Promise to Pay’. After evaluating the circumstances such as during a hardship of a pandemic or a bush fire, according to the policies and procedures stated by the lender, the Promise to Pay will be acknowledged and effected.
Hardship Management
Every Lender have their own Hardship Management Process. Hardship workflow and document management to manage Customer contact compliance and ethics is the priority of their management.
Lenders has identified that financial difficulties during crisis and hardships can be very complex and difficult and their main concern is to assist customers to overcome them according to guidelines and frameworks. Usually accounts in hardship are categorized based on their risk.
