FICO® Debt Manager™ solution for Collection Agencies

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Information about FICO® Debt Manager™ solution for Collection Agencies

Published on April 25, 2014

Author: FICO



Game-changing technology for collection agencies

FICO® Debt ManagerTM solution is an enterprise-class, comprehensive solution for debt collection and recovery. Designed to meet the challenges collection agencies face, it offers an array of advantages, starting with the creation of a best practices environment and finishing with increased production, collection and recovery. Very user-friendly, Debt Manager solution collects a variety of debt types, including government, health care, student loan, financial services, retail, telecom, utility and more. Learn more at:

Placeholder for chart heading goes here FICO® Debt Manager™ solution for Collection Agencies Make every decision countTM Collection agencies face a variety of challenges in today’s fast-paced, complex and compliance-focused collection and recovery (C&R) industry. The rapidly changing regulatory environment, the fragmentation of communication channels and evolving consumer attitudes and behaviors present a new reality for agency owners, collection agents and IT staff. Now more than ever, successful agencies deploy strategies that engage multiple data sources, contact channels, analytics and more. They require an analytically driven mix of tools to keep pace in collections. Are you in a position to take advantage of all that new technologies offer? You might be comfortable with the platform you’re currently using to collect and recover debt. The reality is that older technology simply can’t keep up with the advantages a modern platform offers. The agility to remain compliant in a continually evolving regulatory environment; effectively collect any type of debt on one platform; easily create useful reports illustrating key performance indicators; and reduced Total Cost of Ownership lead the list of advantages. Here’s what you need to know in order to understand what you gain when you move to FICO Debt Manager solution: »» Address industry- and business-specific needs FICO® Debt Manager™ solution is a complete C&R lifecycle management solution designed for the challenges today’s environment presents. Its open architecture is highly configurable, easily adapting workflow to meet specific needs. It offers capabilities that make integration with existing infrastructure straightforward and reliable. Easy import and export of files provides dramatically improved opportunities to grow your business. Moreover, Debt Manager solution can be deployed on-premises or as a Software-as-a-Service (SaaS) system. »» Work smarter Configuration, not customization: Work with a user interface that can be easily configured to meet individual roles and specific industry requirements. Define processes that meet your own unique needs, segment accounts and workflow, and create strategies that incorporate a wide range of information and analytics without the cost of custom development or the need for IT support. Measure performance: Tailor reporting to fit your precise needs, using a variety of widgets, charts and graphs that make it easy to measure performance and identify improvements. Debt Manager solution gives you the power to: • Work smarter by enabling business users to configure processes and create strategies without the need for custom engineering or IT support in order to meet changing business requirements. • Drive precision and compliance by incorporating predictive analytics, connecting with customers across the full spectrum of communication channels, both traditional and digital. Address today’s challenging and evolving compliance requirements. • Streamline deployment and operation with a real-time service-oriented architecture (SOA), so collectors are always working with the latest information. Leverage comprehensive security and audit capabilities, along with access to third-party data and services. collections & recovery Game-changing technology for collection agencies FICO® Debt ManagerTM solution is an enterprise-class, comprehensive solution for debt collection and recovery. Designed to meet the challenges collection agencies face, it offers an array of advantages, starting with the creation of a best practices environment and finishing with increased production, collection and recovery. Very user-friendly, Debt Manager solution collects a variety of debt types, including government, health care, student loan, financial services, retail, telecom, utility and more. FICO® Debt ManagerTM solution’s advanced analytically powered debt management capabilities cover the entire cycle of collection and recovery activities and can be deployed on-premises or via Software-as-a-Service (SaaS). Open and secure system to easily integrate with other systems Feature-rich and responsive user interface On-premises and cloud deployments, as well as easy upgrades Secure operation over LANs, WANs, VPNs and Internet Flexible, reusable business services for ultimate scalability EarlyStage|Latestage|Recoveries System of Record Real-Time, Multi-Stage Workflow Multi-Industry and User Configurability Customizable Reporting and KPIs Real-Time Communications (Mobile, Telephony, IVR, Web, Email) Robust Rules Engine Advanced“Big Data”Analytics Streamline Deployment and Operation Drive Precision and Compliance Work Smarter FICO® Debt Manager™ 9 FICO® Debt Manager™ 9

»» You’re in control Easily produce incisive reports. Generate reports on your own, at intervals you designate, in the output format of your choice, using more than 70 out-of-the-box reports packaged with the solution. Build executive and collector dashboards, analyze businesses by portfolio, portfolio group, office, workforce hierarchy, vendors and other criteria. Robust reporting capabilities leverage SQL Server Reporting Services and Business Intelligence Development Studio. Improve workflow efficiency. Adjust workflows in real time, selecting accounts as needed rather than from pre-built work lists. Segregate accounts using the rules engine, strategies, scheduled and on-demand jobs, automatic distribution, redistribution and other workflow options. Improve the user experience. Users and new hires get up and running quickly, using context- sensitive help menus and configurable screens. Fast response times increase productivity and enhance the positive collector experience. »» Drive collections and compliance Maintain records automatically. FICO® Debt Manager™ solution serves as your System of Record, providing additional built-in accounting functionality, invoicing, tracking and management of receivables in real time. Simplify compliance. Easily access regulatory information you need at the federal, state/ province, local and even postal code levels, as well as specific corporate policy and product requirements, through business rules. Key data includes convenience fees, taxes, student loan “make whole” max rates and Mini Miranda notices. Pop-up messages alert collectors to ever-changing regulations, and an audit capability logs all user actions. Streamline payment arrangements. Flexible customer payment handling features include settlement plans with authorization procedures, configurable convenience fees and support for industry standard payment methods, including credit card, automated clearing house (ACH) and check. Sharpen strategies with analytics. Use scores to further refine segmentation and actions. Reach customers through their preferred channels. Define processes that segment and streamline collections, creating sustainable workflow using communication channels that consumers prefer. Forward accounts easily and routinely, accounting for receiver goals. Incorporate financial goal factors such as behavioral score, seasonality, locality and liquidity, as well as service goals based on actions and/or results achieved by the receiver. »» Streamline deployment and operation The system facilitates implementation and integration. Service-oriented Debt Manager architecture makes exchange of data and decisions with other applications easier and faster. It accommodates high volumes of user requests and transactions while maintaining sub-second response times. Protect sensitive data with ironclad security. Data at rest and data in transit is protected against breaches, with a 256-bit encryption layer for added security. Sensitive data can be masked and displayed only to specified users with required authorization. Audit trails tell you what happened and when. Robust audit trails containing historical logs of accurate, complete and up-to-date information are always available. All events are date and time stamped with user ID and details. Integrate with the systems you select. Using an extensive API library, the solution integrates easily with additional FICO Debt Management or external systems, allowing users to display contents of other systems on the Agent Desktop. »» See real results Organizations using Debt Manager report performance gains across the board, including: • Increased collection revenue. A doubling of revenue in one year along with increased average remittance size. • Decreased operational costs. A 40% increase in daily processing volume with a 32% decrease in average account processing time. • Improved customer experience. 35% fewer account corrections and 41% lower average customer contact time. »» A call to action Implementing a new collections system can introduce risks and challenges that can delay or derail a project if you don’t team with the right solution partner. FICO leverages its extensive global experience to deliver unparalleled value to your business. FICO Debt Manager solution-powered organizations gain: • Firsthand development know-how. Rely on FICO’s in-depth expertise to deliver and support solutions that streamline daily operational management and drive corporate profitability. • Breadth of experience. Extensive worldwide experience means you get out-of- the-box thinking that can only evolve from hundreds of successful C&R projects. • Unmatched C&R analytics expertise. Analytic experts bring specialized abilities to transform your data into effective analytic models and strategies. • Specialized business consulting services. Proven people and processes drive excellence in C&R operations across platforms, business processes and strategies. • A local partner with international experience. Best practices that leverage local competencies and deep international experience optimize the skill sets you need to gain a competitive edge. • Advanced solutions designed specifically for decision management. Profit from FICO’s 50+ years dedicated to providing world-class decision management solutions. A partial list of Debt Manager customers includes the State of Maryland Credit and Collection Unit, Integrity Solution Services, Sallie Mae, Parallon, National Recovery Agency (NRA), McCarthy, Burgess and Wolff (MBW), Marlin Financial Services, First Hawaiian Bank, ConServe, Williams & Fudge, Gila Corporation and Citi Bank. FICO, Debt Manager and“Make every decision count”are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries. Other product and company names herein may be trademarks of their respective owners. © 2013 Fair Isaac Corporation. All rights reserved. 2999PS 11/13 PDF For more information North America toll-free International email web +1 888 342 6336 +44 (0) 207 940 8718

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