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FinnOne Neo Collections
FinnOne Neo Collections
Product Module Overview
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.
Business Benefits
FinnOne Neo Collections enables banks to proactively and efficiently manage their delinquent customers:
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Customer Centricity
Customer Centric approach with 360 degree view of all customer accounts -
Enhanced Collections
To decide the best strategy for classification, allocation and follow-up Actions -
Simplified Operations
Provides a configurable dashboard providing critical information -
Adherence to business policies
Configurable Workflow Management System and Rule Engine to govern entire business processes as per the policies -
Seamless Integration
Integration with Avaya and other third party predictive dialers
Functional Details
FinnOne Neo Collections, a multi-lingual and multi-Currency system supports the following features:
- Flexible sourcing, classification and allocation: Data sourcing from multiple host systems; configurable queuing logic for classification and allocation of delinquent and pre-delinquency accounts
- Pre-delinquency handling: Capability to accept accounts that are likely to turn delinquent and assign individual approach for curing actions based on defined rules
- Configurable Customer Centricity: Capability to configure customer centric collections activity as per the organizational setup of lending institution
- Integration with Lending Analytics: Seamlessly integrated with Nucleus' Lending Analytics for efficient handling of self-cured cases and early identification of probable default
- Embedded rule engine: Integrated rule engine used for defining business rules for classification, allocation, escalation, communication, etc.
- Collection strategies: Defines multiple collection strategies based on different possible classification and allocation approaches to determine the best strategy for implementation
- Strategy Evaluation report: Compares different collections strategies defined in the system to maximize collections
- Context sensitive tele-calling script: Capability to define effectiveness of tele-calling teams with context sensitive calling scripts derived using the powerful rules engine
- Separate Views for Tele-caller and Field Collectors: Different screens to cater to different data view requirements for tele-calling and field collection teams
- Auto dialer compatibility: Capability to defined Tele-calling campaigns for the use of auto dialer systems and interface with various auto dialer systems available in the market
- Collections via payment link and UPI Collect request:Collect payment through payment links and UPI collect requests for recovery of overdue/installment amount
- Real-time payment update: Capability to update the payment information real time to and from host systems
- Pay-in-slip batching:End-to-end tracking of receipts from field collection to banking and realization
- Electronic receipt: Capability to generate unique receipts number digitally and store them for use within respective module
- Collection Agency/Agent Performance: Supervisor/Collection managers can define targets and setup multiple KPIs for their team to measure performance over a given time period
- Settlement functionality: Configurable settlement workflow with separate approval matrix for waivers. Overall waiver approval limits for approvers to refrain them from providing unlimited approvals within a given period
- Enhanced waiver request matrix: Auction bid waiver approvals basis rule driven approval matrix
- Legal case handling: Allows legal initiation management until closure
- Enhanced workflow editor:Capability to modify the legal workflow from front end
- Repossession: Maintain details on repossessed asset, with support for valuation and disposal
- Dedicated repossession workflow:Workflow for repossession under SARFAESI act and additional features such as Transfer/Reallocation of Repossession cases
- Service request Management: Customer can service their requests themselves while tracking them to closure
- Integration with mobile platforms: Supports integration with mobile platforms to deliver faster and paperless transaction processing with reduced risk and higher transparency
- Release of repossession in case of partial payment : The solution allows repossession manager to release repossessed assets based on partial payments made by the customer.
Technical HighLights
- J2EE technology
- SOA multi-layer architecture
- Database independence
- Hooks to plug-in standard workflow engine
- Policy frame work with factory supplied default
- Value dated transaction
- On-line process and bulk processing
- High performance and low bandwidth usage
Line of business covered
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Accelerating Digital Transformation and Minimizing Loan Delinquencies with Automated Loan Collections Technology
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When we looked at all the options that were given to us through the tender process, we looked at affordability, functionality, we also looked at what could differentiate us within our market and Nucleus ticked all the boxes. Since the implementation we have seen improvement in our collection ratio, our efficiency ratio and also our service element within our branches. What differentiates Nucleus from other systems in the marketplace and companies is that they focus and specialize in lending ...
- Harriet Heymans, CFO, IT & Strategy Head, Ubank
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