Top 7 Banking Management Software for Efficient and Time Savings | 2019
Over the past several decades the banking industry has been transformed with the advancement of technology. However, debt collection and recovery at most banks remains stuck in outdated manual techniques and technology.
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Automated collection remains virtually non existent at many banks today even though debt collection agencies are now utilizing collection software to automatically track tardy customers and issue phone calls, letters and emails. Debt collection in banks remains stuck in the past, refusing to advance with technology.
Collection and recovery software’s greatest feature is the ability to automatically track delinquent accounts, freeing up collectors to work on more important matters. But the software’s productivity does not stop there. One helpful feature many software systems offer is the ability to shift much of the burden of collection to the delinquent party. The customer can resolve their delinquencies on their own time in a self service format. This format requires minimal collector interaction resulting in increased efficiency. An increase in collection effectiveness has also been detected, as well as a timelier resolution though this new venue. The benefit of this new technology is that is frees up banks to focus on customers that require hands on interaction.
Banks considering implementing collection and recovery software can begin the process by focusing on possible solutions to the bank’s current shortcomings by conducting a needs analysis. The bank can then compare the size, type, and scope of their loan portfolio with the offerings and features of different software options. Collection software should also meet the needs of the bank in regard to customer contact, follow up, payment, and negotiation.
Cost is typically a concern when determining whether to implement collection software. However, once the software is in place, it provides many opportunities to generate revenue and speeds up collections at a rate that more than enough to justify the system’s cost. Collections software can speed up the collections process significantly and an efficient software saves time. A large portfolio that is even one day late can provide a significant problem. Employees who previously spent time performing manual collections processes can be assigned to more productive tasks such as finalizing repayment plans for delinquent loans or generating even more loan business.
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As banks begin to implement collection and recovery software, debt collection with become more and more efficient. Increased efficiency of collections processes allows employees time to generate revenue far beyond the cost of a good collection and recovery software.
Top 7 Banking Management Software for Efficient and Time Savings:
Zycus’ Financial Savings Management Software will help you in tracking savings and collaborating better with finance. Set up a custom demo to learn more.
Fentury white label banking revolutionizes the way customers see digital banking, personalizing their experience and offering a 360-degree view of their financial life. The solution combines the best of both worlds: basic banking functions and personal finance advising tools, to provide perfect user experience and drive customer engagement to a whole new level.
The #1 pre-accounting tool for accountants and bookkeepers No more data entry. No more paper. Just more time doing what you love. Watch the video talk to an expert Sign up now for our weekly webinar and transform your practice.
Sopra Banking Software is a banking software vendor and a major digital player. We have been supporting banks for 40 years. Our DNA? – In-depth knowledge of the banking industry, banking customers, and innovative technologies. This triple focus enables us to build powerful and agile software solutions and to implement them through value-added use cases.
Nelito’s FinCraft Core Banking Solution enables banks to provide real-time core banking services and content to customers with different user profiles, efficiently and reliably.
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Secure financial data sharing and standardization technology for accounting firms and financial institutions. Validis provides a direct connection to your client’s accounting software and delivers their data in a consistent format. Speeds decisions and improves quality so you can deliver true insights to your clients.