Best practices for managing delinquent accounts have evolved away from a single-minded focus on collecting monies due and toward a broader conception of maximizing the total lifetime value of the customer relationship. To really apply this approach, however, requires that collections systems manifest a greater degree of intelligence and personalization than ever before. Difficult judgments and decisions must be made on a case-by-case basis: What is the likely value of this customer over the long run? How likely are they to pay their past due balance? What treatment options are they most likely to respond to?
Pegasystems and Finextra conducted a bank and corporate client experience survey, exploring customer sentiments around sales, onboarding, KYC and servicing.
Read this Pegasystems survey of more than 1,000 participants – a combination of consumers and business decision makers from retail banking organizations.
Most collections systems are too limited and rigid to incorporate this sort of individualized analysis. The notable exception is Pega’s Better Business Software®. Pega is the leading provider of banking BPM and banking CRM solutions, empowering financial institutions to streamline and automate bank operations and deliver exceptional, personalized customer service.
Pega Collections Systems Features
What sets Pega business systems apart is the ability to ingest a high volume and variety of data, perform advanced analytics on that data in real time, and feed those analytics into a powerful decisioning engine that makes decisions based on configurable business rules and pushes the decisions out to connected applications. On this intelligent platform, Pega offers a variety of purpose-built business applications including collections software that powers individualized, optimized handling of collections cases.
Collections systems from Pega also feature:
- Role-based desktops that guide collection agents through each customer interaction, applying intelligence from the real-time decisioning engine while also ensuring regulatory compliance.
- Enterprise case management that provides complete visibility into each collections case across all communication channels, together with automated case routing, prioritization, and escalation.
- Comprehensive monitoring, reporting, and audit trail creation.
- An intuitive graphical design studio that enables business users to create and modify collections systems rules, interfaces, and scripts without any need for coding.
- Available for on premise deployment or in the Pega Cloud.
Pega Collections Systems Benefits
Collections systems from Pega deliver rapid and measurable return on investment. With Pega collection systems your organization can:
- Minimize write-offs
- Retain valuable customers
- Ensure consistency across agents and channels
- Maintain regulatory compliance
- Minimize collection costs by automating manual processes and boosting collection agent productivity
Pega’s ability to deliver rapid and measurable benefits is one reason why Pega is the BPM and CRM provider of choice for 8 of the 10 largest global banks. Pega clients also benefit from Pega’s ability to provide a wide range of financial services business solutions, including commercial lending software, solutions for streamlining retail banking operations, sales force automation solutions, and more.