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Debt Collection Solution

(TeraCollect)

TeraCollect is designed to create, follow, collect, report and close pending debt collections through a consolidated Debt Collector.  The module provides a comprehensive overview of the debt management process thereby saving valuable time and reducing operational risk by offering relevant information in one central system.

From this centralized position, a user can easily manage a broad range of debt management activities. The solution further provides a broad range of tools and features and easily integrates with existing systems due to its service oriented foundation.

 

The system offers a close management of customers through intelligent customer segmentation. This allows a bank to deliver dynamic, tailored collections for each delinquent customer, especially given the highly competitive environment and the ease of switching between banks, leaving debts behind them. With this solution, customers can be finely segmented to create an accurate profile and by using alerts and timely reports, banks are able to device and drive the most appropriate strategy.

 

The system presents an integrated approach to sales, collections and credit management. By synchronizing all customer data, a bank reduces error risk, lowers audit costs and helps manage customer relationships. With easy access to information, banks can make more reliable credit decisions and have full documentation of decisions through audit trails. With better credit decision making and improved collection strategies, banks can significantly reduce bad debt write-offs.


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Features

The system consists of following prime modules and features:

  • Data upload and assigning

  • Customer promise and 360 degree view

  • Enquiries and tools

  • Alerts and reports

 

Data Upload & Assignment

 

Data Upload: Loan related data from the core banking system is synced to give a 360 degree view of the customer and collection status. Mass data from different sources e.g. loan details, Guarantor and Repayment can be synchronized on a single click.

 

Assigning:

The debt officer acts as a single point of contact for the customers, thereby giving this module significant importance. Assigning of debt officers to the individual customer is fully automated and happens in real-time based on preconfigured in the officer’s setup bucket and profile laid out by the company. Pre-defined company rules automatically allocate customer to the relevant debt officer through several ways i.e.

  • Case by case

  • Automatically by batch

  • Manual user intervention

Changes in the assigned debt officer can be edited based on the customer request, bank decision or officer requests due to leaves, transfers of departmental reorganization.

The change can be automated or done manually.

 

Enquiry:

This module enables the user to view the assigned and uploaded data for reference. The solution has various enquiry modes, which help one to narrow a search through various set of tabs and manual criteria entries. These enquiry approaches include:

  • Workload Enquiry

  • 360 customer Enquiry

  • 360 customer promise Enquiry

Information can be viewed and verified using this enquiry screens. E.g. Assigned debt Officer Enquiry provides information on the status of the account as well as the assigned debt officer details. The solution allows the user to select a specific record from the required list e.g. approved record list.

After selecting the unique reference key, user can click the view button on the screen to view the assigned debt officer details.

 

 Tools:

Tools are special initiatives that enable data to be taken from the multiple sources, and combined to view the required data in a specific format. The solution is easily customizable and can be tailored to enable designed and incorporation of more tools, based on the client requirement.

Customer Details Search Tool:

Customer details search tools can be used to search the individual customers based on their names, vehicle registration number, account number or the loan id.

 

 

Customer Promise Details Tool:

This tool can be used to view the list of promises given by customers to the Debt Officers. This will enable newly allocated debt officers to have an idea about the last promises and payment details relating to the various customers.

Debt Officer Performance Review Tool:

This tool helps to review the performance of the individual debt officers.

 

Customer Promise and 360 Degree View:

This sub-module enables recording of customer payment promises to facilitate reminders, to both the customer as well as debt officer through an auto-generated mail. This is achieved through:

  • Each customer promises are recorded with a time stamp.

  • Multiple customer promises with different IDs can be committed by the different debt officers

  • Payment is tracked against the customer promises

360 Degree View allows a complete all-round view of the customer, by aligning all the customer details on the same screen with a simple drop down menu, listing the following details:

•         Payments

•         Guarantor(s)

•         Basic Details

 

Alerts

Tera Collect has reliable and direct alerts systems for their customer and debt officers on different scenarios.

These include:

  1. Debt officer automated email alerts on promises: the system will send mails to Individual debt officers on a daily basis. These alerts include the list of customers with promises to pay the amount on the previous working day.

  2. Customer automated payment alerts: system is automated to send an email/sms alert to individual customer on the day of promised payment date with details of expected payment.

  3. Customer Care email alert on data missing: Bank Customer care will receive an email from the collection module when the debt officer uses the skip process where the given contact details are irresponsive or wrong.

  4. Automated Letter generation and sending (Single and Bulk): System will generate and send letters to selected customer based on the given criteria by the user. The letters are sent to the individual customers via their email ids in PDF Format.

 

Tera Collect Reports:

This module has a detailed reporting functionality, which can be tailored to accommodate different parameters. These reports can be further customized based on the individual bank’s requirements.

Management Reports: These reports provide information to senior management and supervisors. They include:

  • Delinquency Report

  • Activity Report

  • Delinquency Activity Report

 

Debt Collection:

  • Collection Interaction Reports

  • Account Level Activity Report

 

Recovery Module:

This module enables banks to proactively manage written off loans and consequently implement collection strategies. The bank can further access full information on delinquent accounts and can hence take specific actions. The solution not only updates CBS on paid off loans but also generates advices and reports. These reports help management monitor the entire collections process, assess the effectiveness of strategies, and ensure that company goals are achieved.

By managing written off loans, the bank can take a strategy-based approach that streamlines and accelerates the collection of written off loans thereby minimizing customer conflicts. As a result, banks can improve their cash flow; maximize working capital and lower costs while managing customer relationships. By identifying written off loans, and easy access to information, collection calls and cycles become shorter resulting in lower operational costs.