OptiCollect by Fintec Labs: A Flexible Industry Solution
The financial industry has undergone major transformation over the past decade. The evolving regulatory landscape, consumer indebtedness, digital disruption and slower economic growth is forcing organisations to rethink traditional collection models and strategies.
New capital provisioning and accounting requirements like Basel4 and IFRS9, complex technology infrastructure and a greater need for transparency has been adding to the cost of doing business, requiring a more cost-effective and dynamic way of managing debt.
In the digital age consumers are also demanding real-time, personalised and trusted interactions with their service providers. If leveraged right, new digital technology platforms, enabled by data and analytics, could allow financial services providers to stay relevant and top-of-mind when it comes to consumer decision making.
In order to address these challenges, lenders, insurers and other financial services companies will need to overcome traditional organisational challenges including legacy IT Infrastructure, technology integration complexity, competing business priorities, traditional operating models and access to quality data.
Organisations who overcome these challenges and automate their collections value chain will be well-positioned to optimise collection efficiencies, reduce operating costs and ensure better regulatory compliance, whilst driving more frequent and meaningful client interactions and outcomes.
OptiCollect has been built with all of this in mind. A best-of-breed platform-as-a-service technology that automates collection capabilities and strategies. Leverage data and analytics to segment and learn from your customers to drive real-time decision making, increase customer engagement and collect more efficiently.
Based on a reduction in the disposable income of customers the risk of policy lapses are higher than ever. By leveraging personalised customer engagement strategies, underpinned by data from accurate data sources, insurers will be able to mitigate persistency risk within the first three critical months of onboarding new customers.
This results in a more pleasant customer experience, a reduction in the costs of policy acquisition, management and claims, better risk selection and an improvement in premium collection, which can collectively assist in reducing the cost of insurance.
From specialised collections divisions to external debt collection agencies, from first collections through post write-off recovery, OptiCollect enables collectors to boost efficiency and effectiveness of collections processes.
We can help you significantly increase recovery rates while keeping costs down. Our proprietary machine learning and workflow engines aim to streamline your processes and give your business the competitive edge it needs.
Organic integration into the collections process is the foundation for credit control and collection strategies. We help Mobile Virtual Network Operators (MVNOs) and their partners engage securely while optimising their credit and risk strategies in a safe and controlled way.
Our solutions allow organisations to better manage credit risk through deep segmentation to grow portfolios, retain profitable customers and efficiently recover debt whilst confidently combatting associated fraud.
Find out more about OptiCollect here.