FinnOne Neo Collections is a customer centric, web based and workflow driven solution that allows banks and other financial services companies to manage, monitor and control delinquent loan accounts while automating the loan collections management framework. The workflow manager governs the entire business processes and the rule engine defines the supporting rules in line with their policies. The solution empowers the lenders to define strategies for portfolio classification, allocation and follow-up actions. Workflow driven dedicated legal collection module supports end to end litigation activities whether initiated by the customer against financial institutions or initiated by financial institutions against their defaulting customers. Similarly, separate workflow driven dedicated modules are available for other collection activities like repossession and sale of assets and settlements.
We design, develop and configure computer hardware and software for banks and other organizations in the lending industry.
FinnOne Neo Collections helps in creating classification queues (cases with similar traits get segregated under one queue) and automatically assigning these queues (again through configurable rules) to collection agencies and external agents, in-house agents, tele-callers and outsourced special personnel. The curing actions through SMS, WhatsApp, email, tele-calling, field visits, dunning letters, initiating litigation, repossession to negotiating settlement and capturing restructuring requests are then recommended. The solution vastly improves the effectiveness of tele-calling teams with context sensitive calling scripts derived using the powerful rules engine. Further, the solution can enhance the collections efficiency through its champion and challenger strategies by tracking the effectiveness of defined collections processes.
FinnOne Neo Collections empowers lenders to interface with multiple payment gateways to send payment links to customers that helps in facilitating faster and secure digital payments. For lenders looking to expand their collections reach by including their partners, agencies, business correspondents to perform collections activities on their behalf due to proximity advantage, FinnOne Neo through its unique access module, offers differential access corresponding to certain functions such as follow ups, recording payment / receipts, providing payment links to initiate payment while controlling access to customer’s sensitive information.
The solution enables discount settlement through waiver approval matrix and a new settlement payment plan can be quickly drafted as per customer’s convenience. Provision is also available to draft a payment plan for total outstanding amount through settlement (with / without zero waiver). The solution further empowers lenders to create and track service requests with separate options for creation, update and tracking to achieve better operational efficiencies. The solution can also generate Skip tracing requests and assign it to respective skip teams through a workflow based approach.
FinnOne Neo Collections supports both cloud and on-premise deployments. It can be deployed quickly in partnership with leading cloud providers without high upfront capital expenditure. Cloud deployment provides flexibility in scale while optimizing costs by supporting pay-per-use models. FinnOne Neo Collections is also capable of managing collections for delinquent as well as pre-delinquent portfolio by utilizing analytics feed in overall strategy for collections. The collections stack also includes a mobile loan collections solution for field collectors to reach out to customers where they are and completely digitize the last mile collections function.
FinnOne Neo Collections enables banks to proactively and efficiently manage their delinquent customers:
FinnOne Neo Collections, a multi-lingual and multi-Currency system supports the following features: