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Robotic Process Automation

RPA and Loans Collection

EdgeVerve are making constant strides towards transforming enterprises by providing AI enabled Business Applications, leveraging the Infosys Nia™ Platform with capabilities across the Automation continuum. With the advent of cognitive automation, we believe this three pronged strategy will drive enterprises to the future. What keeps them a step ahead of others in our journey towards providing AI enabled business solutions is their capability to leverage their own AI platform Infosys Nia™. Infosys Nia is an AI platform that applies advanced AI and ML to enable businesses to transition to the future by driving digital transformation.

A loan origination system must be automated with loan management software

Efficiency is key when loan servicing requires many varied business processes such as loan application, decisions on credit risk, funds dispersal, underwriting, document processing and debt collection.

Regardless of the type of loan, a lender will require an end-to-end loan management software that seamlessly automates its business processes to improve quality and efficiency for end-users.

Why you need AI software for your debt collection systems

While many available software packages can claim to improve business processes, successful lenders cannot continue relying on traditional loan management software or loan collection software for debt collection.

Currently, lending and debt collection are plagued with delinquencies, defaults, and operational inefficiencies.

Many banks and financial service organizations find themselves unable to keep up, thus losing customers to poor collection practices; or worse, making losses with inadequate repayment plans resulting in bad debts.

Better strategies are needed to truly transform collection practices and improve the customer experience.

In an increasingly digital economy, AI adoption is the competitive advantage required for scale. By using robotic process automation, loan processes can be optimized for operational efficiency. At the same time, artificial intelligence software can be used to deepen customer insights, provide personalization, segment customers for risk, and predict delinquent accounts to prevent customer churn.

How to choose the right robotic process automation companies?

Apart from product specifications, here are some additional criteria worth considering when choosing your RPA vendor.

– Vendor experience: An established vendor with experience in similar companies and industries

– Vendor support: Maintenance teams as well as an active vendor community that supports continuous product development

– Security features: When working with financial data, both data and access security are crucial for regulatory compliance

– Operational Analytics: Optimizing operational performance by assessing workflow metrics, useful when scaling to enterprise level

– Ease of implementation: A smooth integration with legacy systems will ensure minimal disruption and lower costs

– Ease of use: Simple, user-friendly solutions that are only as technical as necessary

– Training options: Tutorials, guides, best practices that supplement technical documentation.

The best artificial intelligence software for robotic process automation

We are proud to partner with EdgeVerve to offer the FinXEdge suite, a best-in-class AI solution for customer-centric finance institutions.

For lenders and debt collectors, FinXEdge Collect is a data-driven intelligence application that incorporates AI into robotic process automation to:

1. Reduce delinquency rates and charge-offs: Through early delinquency prediction models, it enables the creation of proactive outreach plans to anticipate and prevent delinquencies

2. Enhance customer experience: By hyper-personalizing recommendations for the customer, such as time, channel, communication tone and resolution strategies, it ensures the most desired outcomes for both borrower and lender

3. Improve process efficiencies, productivity and compliance: By providing intelligent segmentation and prioritization of accounts, along with prime time recommendations for customers

Features of FinXEdge debt management collection system

– API-based Integration: Simple integration with existing servicing and collection systems using API services.

– Visualisation Engine: Out-of-the-box insightful charts and provisions to create on-demand views.

– Customer Insights Engine: Generates a 360-degree view of customer to identify patterns and predict behavior.

– Prediction Engine: Generates contextualized suggestions and predictions, and self-optimizes over time.

Is AI software and robotic process automation software the answer to make your debt collection systems more effective?

Can your loan management software improve customer experience and reduce delinquency, while minimizing implementation costs?

Contact us to find out more.