Collections are perhaps the most complex and challenging customer interaction that financial services organizations engage in. In designing and implementing collections processes, financial organizations aim to minimize losses, retain good customers, and comply with burdensome regulations, all while controlling operational costs. The right collections software can help banks and accounts receivable departments integrate and achieve these multiple objectives.
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.
How Pega Collections Software Optimizes Your Collections Process
Pegasystems is the leading provider of customer relationship management (CRM) and business process management (BPM) platforms for the financial services industry. 8 of the top 10 global banks use Pega banking CRM and BPM technology to streamline and automate their bank operations and deliver superior customer service.
Pega integrates with relevant data sources and applies sophisticated analytics to determine the Next-Best-Action to take in a given customer interaction, in real time. Pega collections software is powered by real-time analytics regarding the value of each individual customer, the likelihood that the customer will be willing and able to pay their debt, and the types of treatment options that the customer is most likely to be receptive to.
With its embedded predictive analytics and decisioning engine, the Pega collections software platform automatically determines the optimal way to handle each customer and each interaction, including:
- Whether to service the customer with a live agent or a lower cost mechanism such as IVR or Web self-service
- How much time an agent should spend with a particular customer
- What incentives and payment arrangements to offer a particular customer
- What (if any) cross-sell offers to make to a particular customer
Pega collections software automatically guides collection agents through each customer interaction, loading the appropriate screens to the agent desktop and dynamically updating the script based on customer responses during the interaction. Every interaction is guided toward the company’s optimal outcome for that specific customer, while also maintaining compliance with regulations and company policy.
Collections Software Built for Change
Pega’s unique Build for Change® platform makes it fast and easy to update business rules, applications, interfaces, and agent scripts, without any coding. Business users can drive changes in Pega collections systems, allowing for continuous optimization of strategies and applications over time. Pega’s Build for Change technology also makes it simple to modify collections software in response to changes in the marketplace or in the regulatory environment.
Along with intelligent collections software, Pega offers financial services organizations a complete range of solutions including commercial lending software and software for automating retail banking operations. Pega is also a major provider of investment banking CRM solutions and other solutions geared toward investment, wealth management, and brokerage environments.