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Main requirements when considering a Collections System (Part 2)

August 7, 2020 at 8:15 AM

Principa specialises in providing data driven solutions that will optimise your business' collections strategy, improve your recovery yields, and increase your business revenue. 

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We are currently busy with a two-part series looking at the main requirements when considering a Collections Systems.

Main requirements of a Collections System from a user perspective

To recap, in part one we looked at the main requirements from a user perspective (the collector or operator – the person using the frontend) when considering a Collections Systems.

These requirements include:

  • An easy to use, web-based interphase
  • The availability of information
  • Multi-language capability
  • Live tracking of KPI’s; and
  • Self-Service service desks

“One of the most important parts, for a user is an easy to use web-based interface”

A businesses main requirements when considering a Collections System.

In part two of this series we will be looking at a business’ main requirements when considering a Collections System.

 

The best practice requirements include the following areas:

  1. User setup, access, and assignment
  2. Portfolio setup
  3. Strategy design
  4. System integration
  5. Information management (Reports and Dashboards)
  6. Security and audits
  7. General system functionalities

If you now take part one and part two, you will have a comprehensive list of best-practice requirements which can be utilised when assessing your current Collections System, or your RFP journey for a new system.

In our next blog we are going to look at the three non-negotiable tools for Collections Post-Covid-19.

 

Perry de Jager
Perry de Jager
Perry has been involved in Collections and Recoveries for the past 12 years, spending time in different market segments ranging from law firms to investment companies. At Principa, Perry has worked on extended projects within both South Africa and the Middle East with some of the largest financial organisation, providing on-site consulting within the collections and recoveries space covering strategy, process, people and technology.

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