Late Collections

About the Client
The client is a global, diversified Financial Services company based in the Czech Republic in the business of commercial finance, consumer finance and insurance.

Challenge
The client wanted to be fully equipped in recovery of overdue amounts on delinquent accounts. The problem faced by the client was to manage collection efforts for cases that cannot be solved by tele-follow-up. There was a need to improve late collector effectiveness, and allow late collector groups to work in close co-ordination.

Solution
Indus worked in close co-ordination with the business to understand the requirements that were not being met by the existing suite of Indus products. Consequently, Indus designed a separate workflow based module to cater to late collections.

The requirements were complex and involved simulation of several country-specific regulations and practices. Hence, an iterative approach was adopted to offer the complete solution in three phases:

• Phase 1 - workflow for schedule planner, joining in debt and crime related cases
• Phase 2 - workflow for handling cases through outsourced collection agencies
• Phase 3 - workflow for recovery through legal means with interfaces to solicitor offices

The solution interfaced with Legacy Systems - to provide an online, real time interface with Indus receivables and collections systems, Collection Agencies - by providing a text-file based batch interface and Solicitor Offices - where in a text-file based batch interface is offered to transfer cases to solicitors with relevant cases’ details and get back periodic updates on status and court verdicts.