Intellect Reveals Digital Debt Management System

Intellect Reveals Digital Debt Management System
13.02.2018 07:49 am

Intellect Reveals Digital Debt Management System

Banking , Insurance

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.

Related News

Bank of America Merrill Lynch Enhances Foreign Exchange Payments Using Data Analytics

Bank of America Merrill Lynch today announced enhancements to AutoFX, its automated currency conversion product for financial institutions. The new capability uses data... Read more »

Fidor and GFT extend partnership to the Americas markets

Fidor Solutions, an innovative provider of digital banking services, today announces its extended partnership agreement... Read more »

Finastra Offers Immediate Payments Capabilities in the Cloud for Small and Mid-sized Banks

Today at Sibos and Money 2020, Finastra revealed its instant payments offering in... Read more »

SWIFT creates financial sector API blueprint

SWIFT has today published a blueprint for common API standards following collaboration with European banking standards bodies, STET and Berlin Group NextGenPSD2 – who together... Read more »

ING goes a step further in blockchain data privacy and releases Zero-Knowledge Set Membership

ING Bank has announced the release of its Zero-Knowledge Set Membership (ZKSM) solution. The solution marks the further development of the bank’s Zero-Knowledge Range Proof (... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App