Field EMI Collection
Field EMI Collection Solutions helps digitize the entire collection process eliminating human errors and providing real-time MIS for improving collection efficiency and reducing risk. It further helps in driving customer engagement through timely and relevant customer interventions.
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Field EMI collections deals with repayment collections. Typically used in asset-backed lending, this helps agents to collect EMIs from customer premises, especially in cases where collections are by cash or in remote areas.
Setting up the system is easy, it requires mapping an organization’s existing collection processes such as demand generation, allocation, collection, deposit and customer account updation to fastCollect's process mapper. This flexibility helps the organization maintain its existing processes while getting the power of automation to manage better.
All transactions done in the field are updated in real-time with full traceability of transaction origin and linkage to the bank and NBFCs core banking system. MIS is available on real-time basis and can be further enriched through features for recording visit feedback such as postponement in payment date, cross-selling opportunity, condition of asset etc.
Key Benefits
- Improved productivity through elimination of human management of data in allocation, collection and deposits.
- Reduced cost and efforts for expansion of operations by easy replication of best practices.
- Provide accurate, quantitative and qualitative data as measurement tools to management for tackling productivity and risk.
- Real time effective communication through alerts to negotiate within predefined parameters.
- Helps in execution of proactive strategy.
- A good control and understanding of human resources management by tackling various agent productivity metrics.
- Faster transaction processing due to end-to-end automated framework, providing for reduced updating time and improving consumer payment experience.
- Removal of manual receipt books related to expenses and control issues.
- Extensive collection reporting to help segment customer payment patterns and agent collection efficiency.