Intellect Design Arena Ltd, a specialist in applying true Digital Technologies and a global leader in Financial Technology across Banking and Insurance, announced today the launch of Digital Debt Management system, IDM 18, a contemporary technology solution that can help banks and NBFIs in dramatically improving their recoveries, and reduce the stress on their financial assets.
With tightening credit policies, increasing pressure from the Regulators and digitalization, the debt management business is seeing rapid shifts in the market place. On one side, niche players have emerged that specialise in credit to a single segment and go all out to claim market leadership in that segment. On the other side the incumbent Financial Institutions rely on providing a comprehensive credit solution to their existing customers as well as new prospects. Both, while expanding their asset portfolio, continue to battle with increasingly complex Debt management processes.
Rajesh Saxena, CEO, Global Consumer Banking (iGCB), Intellect Design Arena Limited, said, “Intellect Digital Debt Management will enable banks & financial institutions significantly to increase recovery by applying bespoke collection strategies at the right time, enabled by intuitive segmentation and skill based routing of cases to the right collector. The system comes with over 200 collection strategies & pre-configured communication templates. Our team has been able to successfully create a 90 day implementation methodology to completely digitalise debt management for our customer banks & NBFIs”.
One of the prime drivers for a super-efficient debt management business would be highly data driven strategies. IDM 18 has been designed around completely data driven collections enabling the power of AI to be leveraged
The second driver, going forward would be in terms of equal importance to client relationship management and client retention, and not just restricted to the traditional focus ‘Recoveries’. Going beyond recovery, IDM 18 will assist in protecting and nurturing existing client relationships by providing personalized digital communication and context appropriate messaging. IDM 18 will also track customer service requests real time along with intelligent, automated communication to internal & external stakeholders.
IDM 18 comes with another powerful and differentiating functionality in the form of Field Collector Apps. Field collectors can collect payments and provide receipts instantaneously and perform various context-specific actions. The solution comes with real time location-tracking that can help the Supervisors / Collection heads to optimize work allocations or interventions.
A very exclusive functionality in IDM 18 is the Post write-off Recovery Management system that gives life to even loans that have been written off, with a specially designed functionality for maintaining, servicing and collecting from such loans.
Intellect offers 90 day end to end digitalization of Debt management business for Banks & NBFIs.