NavigatorSuite Loan Collection System is an innovative solution designed at Neorithm by considering importance of loan recovery process for banking and financial services industry. With Loan Collection System it is easy to manage delinquencies and to gain control over recovery process
Loan Collection System is a web-based delinquent accounts allocation and tracking solution that automates the collection cycle by integrating both internal and external collection agencies. The rule engine incorporated in the system does parameterized
segregation of customers, ensures risk based allocation of cases, and streamlines tracking and follow-up of customers with loan repayment dues.
Loan Collection System allows for multi level follow-ups like awareness calling, reminders by way of mobile messaging, email and ordinary mail. Auto generation of the legal notices based on number of days past due date, repossession and auction management are the advanced features of Loan Collection System which facilitate better recovery.
Functions
- Data interfacing with loan management / repayment system.
- Rule-based queue management.
- Parametrized collection processing.
- Work list definition for each collector.
- Follow-up and case-tracking.
- Repossession and remarketing.
- Warehousing process.
- Legal and foreclosure process tracking.
Loan Collection System Work-flow
Features
- Interface to Core Banking Solution (CBS) solution
- NPA classification
- Collateral management
- Collection management
- Rule and risk based allocation
- Automatic follow-up on outstanding actions not fulfilled by due date
- Stage of delinquency guidance and task assignments to collectors
- Reappraisal and asset realization/foreclosure tracking
- On-line facility for loan rearrangement, restructuring, rescheduling and
partial payments
- On-line interface to customer information system, land and vehicle
registry, and bank business partner
- Tracking and recording of all collection costs such as lawyer fees,
stationery, postage and call charges
- Activity log for arrears letter sent, contacts made with customer,
promises to pay, customer visit, instruction to lawyers and change of
delinquency status
- Legal module facilitates tracking and follows up of cases for legal remedy
in a workflow-based scenario
Benefits
- Productivity and cash-flow gains
- Availability of single view for multiple loan products
- Early detection and prevention of delinquent loans
- Policy compliance with pre-determined collection strategies
- Increased recovery rate, lower provisions and write-offs
- Procedural compliance with all legal requirements throughout the
recovery process
- Accurate and timely reporting on delinquency, provisions and collection
performance
- Scalability of the system to adjust with growing customer base
partial payments
registry, and bank business partner
stationery, postage and call charges
promises to pay, customer visit, instruction to lawyers and change of
delinquency status
in a workflow-based scenario
recovery process
performance
LCS employs the latest software development approach of 3-tier architecture which implies that the graphical presentation, the application logic with the work-flow engine and the database can be separately run on three different machines. It is developed using .NET and can be deployed on MSSQL, ORACLE and DB2.