Integrating with Your Core System
Integrating your core system with a fully functional debt collection software isn't really a choice anymore, it's a must. While most core systems have some form of "collections" built in, they fall short in almost every aspect, and with consumer debt growing every day, you need to find a way to combat the ever-increasing figure. Here are the three main reasons why adding a collection platform can not only help your institution grow, but also make you an invaluable asset in the industry.
Recover More Money!
This one is obvious, but we sometimes forget the number one reason why we collect; to recover lost money. This all comes down to simple statistics. Here's an example of how having the correct collection software can increase you bottom line:
You have ten collectors who make fifty calls a day, and let's say they recover on ten percent of those calls. That's five debtors a day per collector. Not too bad, but if you can increase their call productivity by just ten calls a day bringing the total calls to sixty per collector (with AdvantEdge's innovative workflow that number would be far higher), you get ten more recoveries every day! Over the course of a year that leads to thousands and thousands of extra dollars for your institution.
On top of just being able to make more calls, your collectors recovery rates and efficiency will grow as well when using dedicated collections software. Having correct and pertinent information, accurate state laws, compliance standards, multiple pitches, and objection handling at their fingertips, collectors will be able to close deals more effectively, and without having to rely on intensive training. So just remember, the cost of a system will be quickly offset by the increased productivity and effectiveness of your collectors.
More Precise Reporting
Extensive collection reporting is generally not something built into core systems, but it is desperately needed by managing parties. Not only can AdvantEdge report on the amount of money recovered, commissions, payments processed, promises, and postdates; it can also give you detailed reports based on how many accounts a collector has worked, looked at, called, and changed. Collectors are also able to track promises taken compared to promises kept, what the results of each call are, what time of day are they most active, and can even give you a detailed breakdown of what your institution has spent on every account; from letters to collector time. This is only the tip of the iceberg when it comes to the in-depth reports AdvantEdge offers. You can even subscribe to your favorite report, so you donâ€™t have to pull them up every day or every week, they can just be emailed directly to you. AdvantEdge has thousands of built-in reports and we can make a report on anything you could possibly need.
Less Overhead and Better Compliance
With increased automation and improved efficiency, organizations will be able to streamline their business processes to make them more profitable. The best part about increased automation and ease of use means you free up your employees to do the more important tasks. This doesn't mean you have to replace your employees with innovation, this just means instead of them wasting time on the daily grinding tasks, theyâ€™ll get far more work done every day.
With increased compliance, you can sleep better at night knowing you're doing right by your customers. Nothing can bring down the reputation of a bank or credit union more than a lawsuit brought on by illegal collection acts. With AdvantEdge's built in compliance modules, you don't have to worry about every call a collector makes. This makes it easy to stay ahead of the ever-changing nature of debt collection litigation. The peace of mind that comes along with being compliant is worth a fortune in its own right.
Need more reasons?
Then set up a demo with us! We'll give you hundreds of more reasons why integrating your core system with AdvantEdge is a must!