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Carol Byrne | 22 August, 2023

What makes a debt collection and recovery solution scalable?

There’s a growing number of people using credit and becoming delinquent. A report from the Federal Reserve Bank of New York states that American credit card debt is now over $1 trillion. To manage this increase of customers while maintaining humanized processes, a scalable collections and recovery solution is a must. This is showcased in the form of a configurable collections platform that provides you with a range of features to efficiently support and guide your customers to financial health.

Automation

As the number of your accounts grows, so does the amount of tasks and processes tied to their management. Data entry, formulating payment plans and sending scheduled reminders all take up more of your team’s time, taking valuable facetime away from your customers.

A configurable platform brings optimization to these processes with automation. Simple and time consuming tasks can be automated in line with your workflows, letting your team focus on guiding customers to financial health. The value in automation grows as your accounts do, offering an effective solution to scalability.

Workflows

Financial businesses face constant changes in regulations that vary between states, industries and individual customers. This brings a demand for adaptability where workflows and business rules need to be changed regularly to be compliant, which becomes more difficult as your customers grow.

Adaptability is provided by modern collection platforms thanks to their configurability. These platforms allow your team to add custom rules and data entries that automatically become a part of your overall process. The best part is that they don’t require system overhauls or technical specialists, letting you scale efficiently into the future.

Algorithms

Data analysis is a necessary part of creating personalized payment plans that benefit individual customers, especially as each differs from the next. Performing this analysis and applying it to your customers becomes increasingly complex the more you manage, making it difficult to efficiently scale.

With the help of AI and machine learning tools, configurable platforms bring algorithms to replace tedious data analysis processes. These algorithms use analytical models to compare customer data against historical examples, which provides predictors and risk profiles for each customer. Then, your team can assign the appropriate treatments for each customer to efficiently reach a resolution; streamlining the process with a little help from AI.

Cloud-native

Legacy on-premises systems of traditional collections platforms can be difficult to manage as your accounts grow. It's time consuming to connect new systems and applications, difficult to acquire data from each place and the potential of security compromises grows as customers do. 

Cloud-native collections systems bring multiple layers of optimization to improve scalability. Data is centralized in an easy-to-access format, new systems are simple to integrate, and there is 24/7 system uptime with extremely resilient security. Cloud-native systems simply make it easier for you to efficiently manage a growing number of customers.

Integrations

Configurable collection platforms make it simple to integrate new features when needed. They have a host of user-friendly interfaces that make it simple for you to connect a range of programs, which then seamlessly become a part of the overall platform. This then provides you with the flexibility to accommodate each and every one of your customers in a humanized way.

Scalability in action with Debt Manager

C&R Software’s Debt Manager is a configurable collections platform that incorporates each of the above features to enhance scalability. It supports “Big Bang” implementation across all lines of your business to provide new functionality across each system, bringing flexibility to integrate a range of debt management software.

With Debt Manager, you can support omnichannel communications, create personalized strategies and configure workflows without additional help from C&R or technical specialists. As a result, you can scale your operations effectively and provide customers with the support they need.

To find out more about Debt Manager and how it can help bring scalability to your operations, contact a member of our team today.

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A guide to scaling your collections operation

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