Fico adds mobile channel to debt collection product

5 April 2012

Fico has updated its Debt Manager platform for the financial collections and recovery sector by integrating the Telrock SmartCollect mobile and digital payments application into its new Live offering. The revised product means customers in arrears can now be chased up even over the mobile channel, increasing the likelihood of a speedy resolution.

Fico Debt Manager Live supports collections for credit cards, mortgages, secured and unsecured loans, and bank account overdrafts. It can be delivered ‘off-the-shelf’ with pre-set parameters and the mobile functionality all set to go upon delivery to a financial institution.

Collectors are increasingly using mobile channels to communicate with customers. Among Telrock's existing lending clientele, 40% of borrowers who were contacted through a mobile service paid directly via mobile within 30 minutes of receiving the alert, says the company, and 80% paid within 48 hours. Debt Manager Live can now provide communication to bank customers via SMS and other mobile and digital channels.

According to Anthony Travagline, head of collections at EnterCard, a Nordic credit card company and one of the launch customers for the upgraded product: "We chose Debt Manager Live because we can implement the system faster, and use the preconfigured strategies to immediately differentiate customer treatment based on their needs. We believe this tailored approach will support customers and provide better results for both parties."

"The integration with Telrock's mobile services was an important factor [in our decision], since it will allow our customers to have input on their preferred communication channels, while simplifying their ability to make payments or set up payment plans,” he added. “By leveraging this technology our intent is to make interaction easier for our customers through their mobile devices and computers. We can also improve our resource allocation, by automating more routine customer contacts and focusing our collectors on those cases that require a special touch."

By Neil Ainger

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