A. Collection management for a lending organization

Problem facing the organization:

The client is a large financial institution into the business of lending retail loans to its customers all over the country. The client has a large team of field collection agents conducting activities to collect dues from the delinquent customers. The client was facing multiple challenges in managing the field collection process such as:

  • No visibility on the field activities of the collection agents
  • Delays in contacting the delinquent customers
  • Delays in updating of records after collection of payment from the customers
  • Manual receipt book management was prone to misuse and fraud

The Decimal Technologies Solution:

Client deployed ‘mCollections’ – a mobile enabled collection management system provided by Decimal Technologies. mCollectionsautomates the field collection activity and payment process by providing an intuitive and easy to use Mobile app which is integrated with the backend system. The mobile app enabled two-way communication between the collection agent and enterprise backend system. The solution allows the agent to take a print of payment receipts from the portable printer to be given to customer.  The solution provides dashboards, reports and analytics for management planning and control.

Results:

As a result of implementing mCollections, the client was able to:

  • Get complete visibility of field collection activities on a real time basis
  • Significantly reduce the delays in initiating contacts with the delinquent customers
  • Improve productivity of Collection agents
  • Real time updating of payment status directly from the field – resulting into minimal delays and errors
  • Online payment receipt and control
  • Quickly scale up collections team without compromising on productivity or control