Reduced costs while maintaining control of processes and customer experience
16th May 2006. TietoEnator Financial Solutions UK announced today 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. TietoEnator’s Collections Suite minimises unnecessary manual processes, increasing individual effectiveness and cash collection rates. By incorporating compliant processes into workflow, collectors actions naturally follow correct procedures, all of which are recorded against the account, projecting a professional image for borrowers and giving the lender the best possible protection against litigious customers.
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 said, “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.”