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TietoEnator Financial Solutions has announced that its Collections Suite, the
collections solution favoured by some of the UK’s largest mortgage lenders, is
now available as a hosted managed service.
Collections and recoveries departments can now adopt TietoEnator’s powerful
workflow driven solution with less reliance upon internal IT and with lower
ongoing costs.
With the solution available as a web-based application, the business case for
the adoption of up to date technology becomes even stronger. In addition to
achieving improved Collections performance, the reduced acquisition, resource
and operational costs come directly off the bottom line and a web-based
application, rather than a full business process service provider, means that
organisations can shed much of the cost but maintain control of their processes
and customer experience.
Mortgage lenders who have implemented TietoEnator’s Collections Suite for
arrears management have reported efficiency gains of 59% in cash collected per
head and 30% reduction in debt cases.
Collections is often down the priority list for technology investment, as
marketing, channels and points of sale take priority. However, very solid,
ongoing return on investment has been realised in Collections through the
automation of manual processes, access to relevant business information and the
ability to adapt processes to improve results.
As volumes of bad debt continue to break records, lenders are under increasing
pressure to achieve more with the same resources.
The additional responsibility that each lender has to ensure that its processes
and conduct do right by the customer and the regulators, is eased by systems
that enforce procedures and offer auditability of relevant actions taken.
Following the acquisition of AttentiV Systems last year, TietoEnator has
confirmed its plan to continue building upon the strong market position of the
financial solutions provider.
Linda Fisher, Managing Director, TietoEnator Financial Solutions UK commented,
“A large number of lenders across the Financial Services market use our core
systems, including 40% of UK building societies.
"As we make our solutions available within a managed service package, easing
adoption and driving down running costs, we expect that number to increase.”
Source:
Credit
Control Journal
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