Collections & Recovery

INCREASE RECOVERY RATES AND FOSTER LONG-TERM CUSTOMER LOYALTY

WHAT DOES IT DO?

Zoot’s collections and recovery solution allows you to automate your collections process and standardize your operations across the enterprise. Our flexible, easily integrated solution supports the collections and recovery process from pre-delinquency management to post charge-off recovery, across multiple portfolio segments and communication channels. It provides agile technology that allows you to easily and quickly connect to internal and external data sources and service providers.

WHY IS IT IMPORTANT?

Zoot’s collections and recovery solution lets you strategically position your collection and recovery efforts, informed by the right data from the right sources. It gives you the flexibility and agility to maintain regulatory compliance in a rapidly changing marketplace. It also allows you to automate your collection strategies with portfolio segmentation, recovery prioritization and more.

WHO DOES IT BENEFIT?

It is designed to help collections and recovery professionals operate in compliance with increasing regulations and gain new efficiencies through automation. It also helps improve customer experiences throughout the credit life cycle with increased account visibility and standardization of processes and outreach.

Take Your Collection & Recovery Efforts To The Next Level

Financial Institutions (FIs) are facing an unprecedented time when it comes to collections and recovery. Regulatory requirements and consumer communication channels are in a dynamic state of change. To drive the most value from your collections and recovery efforts, you need a nimble, flexible and easy-to-use solution that enables you to make real-time changes to support shifting market realities.

Enjoy One Solution for All Your Needs

• Leverage a single connected platform for account details, related accounts and other vital individual information

 

• Expand your understanding of each account holder and their relationship with your organization through actionable access to data

 

• Display important account summary information with a person-centric view of each consumer in a single screen

 

• Decrease costs by gathering information on delinquent consumers in one nimble solution

 

• Reduce delinquencies, increase recoveries and enhance multi-channel customer interactions – all while operating in compliance with changing federal, state and local regulations

Implement a Nimble, Configurable Solution

• Leverage your existing customer account information and integrate with best-of-breed providers to access vital data, including:

 

Client historical data, account information and consumer identification information

 

Alternative information like demographics, employer information, fraud and risk scores

 

Tradeline information like recently opened accounts, account status, type of account and public records

 

• Create powerful processes for real estate owned, bankruptcy, foreclosure, repossession, fraud, troubled debt restructuring, legal and more

 

• Construct custom attributes, using structured or unstructured data, and capture key information to use in your strategies

 

• Configure attributes and rules based on account type, and use these rules to automate decisions

Design and Define Your Unique Solution

• Drive consistent actions and ensure uniform collections processes using one platform for the enterprise

 

• Control access based on user groups for security

 

• Track activity and gain visibility throughout the collections and recovery process

 

• Access customer, account, strategy action and decision details through searchable screens

Create Consistent, Repeatable Outreach

• Prioritize timing, frequency and channel of contact

 

• Tailor communications to delinquent borrowers based on when and how they are contacted, while managing the distribution of letters and emails sent per household

 

• Utilize configurable connections to dialer, email and text message service providers

Improve Collection and Recovery Efficiency

• Evaluate accounts by scrubbing and flagging for bankruptcy, deceased and military status

 

• Prioritize by scoring to determine the highest probability of repayment and return

 

• Obtain the best contact information for accounts identified as the most collectible

 

• Review and monitor accounts by implementing automated collection triggers such as changes to credit profile and contact information

 

• Support single tract and shared information throughout the entirety of the credit lifecycle with filters and triggers into your database

 

• Send to other departments either not to pursue or send for special handling

Access Complex Outputs from a Simple Interface

• Find new segments and differences in your portfolio profile and identify behaviors for testing new challenger strategies

 

• Examine historical worked debts and identify variables that demonstrate significant differences in behavior and returns

 

• Use configurable reporting capabilities to review existing treatment strategies and indicators that may drive the creation of unique treatment groups

 

• Evaluate person-level fields, and compare and collate data across the enterprise

 

• Present aggregates or ratios using any combination of account and account holder data, like number of accounts delinquent or total available balances

Focus, Adapt and Iterate

• Identify and test new collections strategies

 

• Segment groups of accounts by various customer and loan characteristics

 

• Adopt a ‘triage’ approach based on the probability of repayment to maximize the amount of debt collected and minimize your effort, time and cost

 

• Develop specialized scorecards for accounts deemed particularly high-risk, which include recommendations on the best recovery strategy

 

• Utilize scorecards and other analytical tools to determine whether (and how) to collect on a debt directly, employ a specific type of third-party collector or sell a debt at its maximum value

Review and Report on Collections/Recovery Activity

• Automate, schedule and deliver reports across the enterprise

 

• Create configurable exports to populate and support external systems such as data warehouses, collections agencies and law firms

 

• Export data to your internal systems with collections status, settlement and payment plan updates

 

• Integrate with internal and third party systems to validate and reconcile your data

Take Your Collections & Recovery Efforts To The Next Level

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