FICO Debt Manager Integrates with Mobile Payment Services to Boost Collections Speed and Results

FICO, the leading provider of analytics and decision management technology, today unveiled the latest version of its FICO Debt Manager platform for collections and recovery, which integrates with the Telrock mobile and digital payments application SmartCollect to increase the speed and efficiency of collections and improve the customer experience. FICO Debt Manager supports collections for credit cards, mortgages, secured and unsecured loans, and checking-account overdrafts, and is also available in a preconfigured version known as FICO Debt Manager Live for rapid deployment.

Collectors are increasingly using mobile channels to communicate with customers. Among Telrock’s lending clientele, 40 percent of borrowers who were contacted through a mobile service paid directly via mobile within 30 minutes of receiving the alert, and 80 percent paid within 48 hours. FICO Debt Manager provides the orchestration for communications with customers via SMS and other mobile and digital channels.

FICO Debt Manager Live is a preconfigured version of the new FICO Debt Manager 8.1 solution that can be deployed in as little as four months, rather than the 12 to 18 months that traditional collections systems require. The solution is based on industry best practices that have helped companies realize 15-percent reductions in bad debt and 50-percent reductions in collections and recovery costs.

“We chose Debt Manager Live because we can implement the system faster, and use the preconfigured strategies to immediately differentiate customer treatment based on their needs. We believe this tailored approach will support customers and provide better results for both parties,” said Anthony Travagline, head of collections at EnterCard, a Nordic credit card company that serves Sweden, Denmark and Norway. “The integration with Telrock’s mobile services was also an important factor, since it will allow our customers to have input on preferred communication channels while simplifying their ability to make payments or set up payment plans. By leveraging technology our intent is to make interaction easier for our customers through their mobile devices and computers. We can also improve our resource allocation, by automating more routine customer contacts and focusing our collectors on those cases that require a special touch.”

FICO Debt Manager is ideal for businesses of all sizes that have limited budgets and firm implementation deadlines but still need the flexibility to expand their collections solutions over time. The pre-configured FICO Debt Manager Live option includes data and pre-loaded collections strategies and treatments organized by product, delinquency bucket and risk level, all to help make rapid time to value a reality.

“Banks continue to be plagued by high levels of delinquencies that aren’t addressed adequately by old-school collections techniques,” said David Lightfoot, vice president for Product Management at FICO. “With FICO Debt Manager, lenders can streamline the collections process and leverage the ubiquity and convenience of mobile devices for better results and lower costs. And the best practices we’ve built into FICO Debt Manager Live, based on our deep experience in collections, allow banks to achieve results even faster.”

In addition to integration with Telrock, the FICO Debt Manager 8.1 platform includes a number of new features and enhancements to existing capabilities, including: automated proposals for loan workouts, improved usability and access to account histories, agency management, and dialer notifications to improve the productivity of collectors.