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DEBT COLLECTIONS AND RECOVERY

Intelligent debt resolution through Open Banking


customer vulnerability checks

Problem

Manual creation and monitoring of debt management strategy is inefficient

Solution

Automated bank statement analysis helps with debt management strategy

FriendlyScore assists in optimising Collections and Recovery strategies

Data Gathering


Remove the need for debtors to self-certify income and expenditure by extracting accurate, verified data directly from their bank account

Affordability Assessment


Identify key income and expenditure patterns which factor into the affordability decision, such as an income stability and current financial obligations

Negotiating Agreement


Identify loan performance indicators and existing credit obligations which will help create repayment agreement

Customer Management


Use live Open Banking data to monitor affordability and financial markers to spot changes in a customer’s circumstances and take appropriate action

Benefits

Debt collections and recovery

Enhanced Customer Experience


Enhance customer experience by replacing form-filling with one-click Open Banking connectivity

Aggregated Cash Flow Analytics


Comprehensively assess income and expenditure data across an individual’s portfolio of bank accounts

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Affordability Measure


Predict an individual’s near-term capacity to make future repayments

Timely Actions


Instant extraction of verified financial data and accompanying insights enables advisors to act quickly and accordingly

Ongoing Monitoring


Open Banking updates in real time allowing advisors to continuously monitor a customer’s ability to meet repayments

Intelligent Resolutions


Transaction data allows advisors to construct informed repayment agreements

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