DRS For Outsourced Collections
To address rising rates of delinquency and bad debt, as well as the ongoing goal to improve recovery efficiency and effectiveness, issuers leverage third party partners to support their overall recovery rate. In an atmosphere of increased regulatory and compliance coupled with the need to ensure visibility into partner operations, we recommend licensing the DRS (Delinquency Recovery System) as part of an overall solution to increase your net back and help manage outsourced collection and recovery efforts.
The DRS is a dynamic process and workflow licensed solution that streamlines the end to end process, including portfolio and performance management activities associated with the outsourcing of receivables to collection agencies. Our licensed solution is specifically designed to provide your authorized partners (e.g. law firms, collection agencies, private investigation firms) with logically separated yet real-time access to manage 1st or 3rd party collections on your behalf, while creating a real-time competitive environment between your partners to maximize results.
Our licensed DRS solution provides you with greater visibility and control over the assignment of receivables to your partners. At the same time, your partners benefit from instantaneous communication with your team, streamlined administrative processes, effective account and payment reconciliation as well as access to a comprehensive suite of real-time performance reports so they can effectively gauge their performance to establish their peer group ranking and targets.
With this licensed solution, the DRS can provide for an integrated ‘one stop shop’ for your enterprise with:
• Front end data import software solutions for uploading financial, insurance, real estate, legal and collection system activity (in either batch, near real-time, or real-time)
• Front end data input software solutions, with user-friendly GUI screens, for financial, insurance, real estate, legal and collection systems
• Customer locate (skip tracing) software
• Insurance tracking software
• Document imaging software solutions, for both inbound and outbound documentation – and via a wide variety of mediums (e.g. paper-based, SMS, emails, etc.)
• Real estate and property management software solutions, for secured products
• Customer cure software and strategies/workflow
• Point-of-sale software for financial transactions (e.g. payments)
360⁰ View of the Customer Relationship
- Easy access to a complete view of the customer by linking products and delivering a consolidated profile view, ensuring the collection agent servicing a particular account has full visibility into the indebtedness of the customer.
- Leverage comprehensive customer information in any process, workflow, decision or strategy.
Revitalize Recoveries by Bringing Your Partners Together Effectively in Real-Time
Intuitive technology links your team to the partners involved in the servicing of an outsourced receivable via a real-time common platform, delivering significant benefits such as:
- Enhanced portfolio and performance management capabilities for your team and your partners;
- An heightened sense of urgency to drive performance results and accountability;
- Greater operating leverage to effectively streamline administrative processes, and automate workflows leveraging flexible business rules and event based triggers;
- Disappearance of issues that are prevalent on batch data file solutions such as missing account data or payment/inventory reconciliation issues as there is only one version of an active account on the real-time DRS.
- Increased partner performance effectiveness since they are not negatively impacted by the many additional processes prevalent on batch file systems (e.g. managing multiple incoming/outgoing payment and update batch files, updating multiple systems and/or having users toggle between multiple systems to find customer information).
Visibility and Transparency into Performance via Dynamic Real Time Reporting
- Real time portfolio monitoring (both exception and performance management tools) for transparent and immediate insight at the portfolio, product, geographic, and outsourced levels.
- Comprehensive real-time reporting provides immediate insight into key business functions and the ability to dynamically action the results.
- A broad set of out of box business activity and performance reports specific to collections and recovery.
- Access to an intuitive query tool where all data fields can be used to create customized reports (either adhoc or saved queries).
Seamlessly Integrate Value Added Services
- A full suite of Value Add Services is fully integrated into the TECHCOM VM DRS and can easily be requested in real-time by the credit organization and incorporated into any collection workflow or strategy (e.g. credit bureaus, payment probability scores, data scrubbing, etc.).
- ‘Point and click’ access so you don’t need to go and retrieve the Value Add Service from another system.
Secure Private Network of 3rd Party Partners
- TECHCOM LAND-NET is one of the largest secure non-internet private networks that connects our clients and partners across Canada.
- Access designed with a wide range of security controls to help prevent potential data compromises, network breaches and unauthorized system access while maintaining exceptional data integrity.
- TECHCOM’s high availability network and carrier connections provide a strong, reliable global reach, allowing access quickly and conveniently.
- Scalable, Available, Flexible and Integrated
Flexible, Integrated and Scalable
- Ability to support any type of retail consumer lending product and an unlimited number of partners.
- Our hosted solution ensures your team has access when and how they need it…secure, compliant, uninterrupted, 24-7-365 monitored, and DR-BC ready.
- Configurations can quickly be performed by authorized business users via dynamic self-serve admin options.
- Can be fully integrated into any TECHCOM solution and host systems enabling for the upstream and downstream exchange of high volume customer, account and payment related data in near real time or in batch.
- Integrate TECHCOM Call Capture so calls can easily be searched, accessed and reviewed for complaint handling, agent coaching, and audit.
Paperless Made Easy, Audit Trails and Compliance
- Streamline content management of all documentation, letters, emails, texts, voice logs, etc. associated with the customer’s account, all stored at the customer level for easy access.
- Robust audit trails so you know what happened and when, including user name, date and time stamp details.
- Unified rules-driven platform for managing regulatory and compliance details.