Top 8 Banking Collection and Compliance Software

In today’s economic environment, bank’s compliance challenges are greater than ever. Increasing demand for transparency and governance have resulted in new challenges for bank compliance. Regulations stemming from the Dodd-Frank Act such as Gramm Leach Blily and Anti-Money Laundering have added to the banks already set regulations.

Manual processes have worked in the past, but increasingly complicated regulations call for a comprehensive, cost-effective solution for risk management and compliance. Bank compliance software is often the answer. Designed and proven to address the more demanding requirements of today, popular compliance software options often includes such features as policy management, regulatory assessments, regulatory change management and compliance, internal audit, consumer complaint management, and document management among others.

Many challenges can be addressed by bank compliance software. All relevant regulations and statutes can be organized and linked to corresponding policies, assessments, procedures, and remediation plans to build evidence of compliance. The software allows risk management and compliance initiatives to be prepared for bank exams. The organization will be fully accountable in each area. Bank compliance software can automate important tasks during audit planning, fieldwork, reporting, and follow-ups. The software has the capability to manage loss events and issues like fraud occurrences. The systems allow personnel to store and collect information on on going investigations.

New innovations in bank collection software are also being developed. Previously, when a customer was late with a payment, the bank would simply send out a letter. When payment was still delayed, the bank would send another letter, and then another.

However, in the current economic conditions, banks need an alternative strategy for collections that brings in the money. One alternative is automated bank collection software that automatically recognized past due accounts. The latest automated bank collection software is designed to consolidate loan collection and bring non paying customers up to date fast. Automating a traditionally manual position allows collectors to be more productive.

Guilt is an important factor when dealing with collections, however guilt becomes less effective the longer the customer is past due. It is important to take into account the severity of the problem when selecting a collection software. Software can speed up the collection process by freeing up collections officers to perform more important tasks. A $1 billion portfolio that is just one day late is significant. Collection software speeds up the process enough to justify the cost of the system.

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