FICO unveiled the latest version of its FICO Debt Manager platform for collections and recovery, which integrates with the Telrock mobile and digital payments application SmartCollect to increase the speed and efficiency of collections and improve the customer experience.

FICO Debt Manager supports collections for credit cards, mortgages, secured and unsecured loans, and checking-account overdrafts, and is also available in a preconfigured version known as FICO Debt Manager Live for rapid deployment.

Collectors are increasingly using mobile channels to communicate with customers. Among Telrock’s lending clientele, 40% of borrowers who were contacted through a mobile service paid directly via mobile within 30 minutes of receiving the alert, and 80% paid within 48 hours. FICO Debt Manager provides the orchestration for communications with customers via SMS and other mobile and digital channels.

FICO Debt Manager is meant for businesses of all sizes that have limited budgets and firm implementation deadlines but still need the flexibility to expand their collections solutions over time. The preconfigured FICO Debt Manager Live option includes data and preloaded collections strategies and treatments organized by product, delinquency bucket, and risk level, all to help make rapid time to value a reality.

“With FICO Debt Manager, lenders can streamline the collections process and leverage the ubiquity and convenience of mobile devices for better results and lower costs,” says David Lightfoot, vice president for Product Management at FICO.

In addition to integration with Telrock, the FICO Debt Manager 8.1 platform includes a number of new features and enhancements to existing capabilities, including: automated proposals for loan workouts, improved usability and access to account histories, agency management, and dialer notifications to improve the productivity of collectors.

 

 

[This article was posted on April 17, 2012, on the website of ABA Banking Journal, www.ababj.com.]

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