New finPOWER Collections Manager Add-On
The new finPOWER Collections Manager Add-On is a key module for the centralisation and active management of your Credit Collections team. It combines core functionality and User defined flexibility into a tool that can increase the efficiency and performance of your credit collection function.
Business Solutions Manager
Each employee can be deemed to be a Collector and their collection abilities defined in terms of what type of overdue accounts they can be utilised for and the amount of time each day they are available to perform collection duties. Collection Managers can also be defined as they have additional abilities to allocate loans to collection groups and review Collectors' performance.
Overdue Loans are grouped together in Collection Groups for the purposes of allocation to Collectors and for follow-up. Overdue loans can be allocated simply on the type of loan and days overdue, or if more complex allocation rules are required, customised scripts can be written. Collection Groups define how overdue loans will be allocated to Collectors, which Collectors work with each Collection Group and the average length of time to process a Loan in this Group.
The Collections Manager Explorer is the key to the whole module as it acts as the central desktop for the Collector. The Explorer provides the essential summarised information on the Collector's workload and is the key access point to all relevant information and actions for a Loan.
From the Explorer, a Collector can:
- Group their loans into user defined folders
- Display a list of all loans in a given folder
- Quickly apply different flag to loans
- Initiate and record different collection actions such as inward and outward phone communications, Log notes, generate letters, send SMS TXT messages and enter "Promises to Pay"
- View a complete list of outstanding tasks
- View and run customised performance reports
- View summarised information in a definable format.
The Collections Manager Explorer also displays all relevant loan information. Key summarised Loan information is detailed on the Credit Summary Screen, and this information can be customised to meet individual requirements. At the click of a button Collectors can access full Collections History for the loan, existing Promise to Pay arrangements and full details of transactions and log notes.
Central to the Collectors function is to elicit a Payment Arrangement with the overdue client to address their overdue status. These payment arrangements are recorded in the system as "Promise to Pays" and the PTP Wizard provides a step by step process for entering such arrangements.
Collectors can monitor the progress of the Promise to Pay and, should a payment be missed, a Log entry will be automatically generated to draw the Collector's attention to it, or additionally broken Promise to Pay's can be automatically flagged or displayed in a specific folder.
The Collections Manager Add-On not only efficiently centralises the overall collection function of the organisation, it also provides workflow management tools to help the Collection team. Overdue Loans can be allocated to Collectors based on their available time and efficiency in dealing with a loan. It can also analyse individualâ€™s current workload and allocate to ensure an even distribution of work throughout the Collection Team.
The Collections Manager allows user defined reports to be run on an On Demand basis. As these reports are all customised to the specific requirements of the organisation, they can include a mix of both efficiency and statistical analysis in a customised format.