Sold by: Virtusa Corporation
Virtusa’s vCollect solution, built on the Pega platform and deployed on AWS, combines AI-driven personalization with advanced case management to help lenders reduce delinquency and manage collections more effectively. It includes accelerators for pre-collections, special circumstances, and recovery, along with tools to predict default risk.
Overview
Banking has transformed, and with it, debt collections too. Banks must adopt a socially responsible approach to collections to attract/retain valuable customers. Broken collections processes, data silos, and inflexible legacy systems limit a bank’s ability to deliver customer-focused collections and redress vulnerable customers.
Virtusa’s vCollect solution leverages Pega’s best-in-class, customer-focused case management and decisioning capabilities. The solution comes packed with Virtusa’s solution accelerators in debt pre-collections, special circumstances, and legal and recovery processes. It utilizes an AI-driven personalized collection experience and sophisticated tools to predict propensity to default. Built on the Pega platform, vCollect aids in reducing the lenders’ outstanding collections portfolio by providing tools necessary to prevent borrowers from trending towards delinquency.
Highlights
- Data from traditional and digital sources is compiled to provide a complete contact and treatment strategy to create a customer-centric experience for collections service personnel. Data from various individual events of the borrower (lending lifecycle, demographics, and bank policies such as business and compliance rules, borrower profiles, arrears and payment history, instances of hardship, risk trigger events, etc) is used to generate next-best-actions.
- vCollect provides full transparency into the cost-effectiveness of legal and recovery processes such as agency hand-off and management and other field collection processes. The solution collects feedback and performance indicators from collection suppliers. It leverages adaptive analytics and historical data to automatically apply the best fit strategy during subsequent interactions, complete with a detailed time-stamped audit trail.
- vCollect can review a bank’s existing collections case portfolio as a series of batch feeds and adjust the next best actions and/or adjust treatment strategies for each debt being reviewed. By creating a holistic view of the customer from multiple data sources, the solution provides the best opportunity to contact the customer in the channel of their preference and enhance overall decisioning.
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Deployed on AWS
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