Info for Bank Executives

EVPs, SVPs and VPs

Is your institution one of today's many that are at increased compliance risk, with growing income pressure and strained collection and recovery control; and it's your job to fix.  Review the challenges below and how debt collections, powered by VQN, has the features that provide the benefits you may be looking for.

 

Reduce Collection Compliance Failure Risk

Are you seeing a higher degree of scrutiny in relation to your collection policies as it relates to identifying at risk assets?  State and Federal Examiners are placing high emphasis on collection compliance. The work volume growth and the increased complexity of work, exasperated by these tighter scrutiny's, can be extremely concerning.  At the same time the cost of compliance errors can be significant.  Would it helpful if your software system could enforce your collection/risk rules and work flow while automatically documenting the critical events that protect your institution from compensatory fees?

Debt collections, powered by VQN, does this by allowing you to define all the milestone events relative to your region (state) and monitoring these events. VQN automatically documents the events as well any deviations and brings attention to customers and accounts appropriately.

Whether it is Fannie Mae, Freddie Mac, or the CFPB servicing requirements collections compliance is getting to be more difficult.  The CFPB is in it's infancy and more requirements are sure to come.  The latest from the CFPB is "Consumer Fairness" and what are the policies and procedures that have been implemented to insure that no discretionary decisions are made in the collections/recovery process.

In the final analysis implementing VQN can assist you in boosting productivity, collecting more dollars and charging off fewer, and perhaps most importantly in this dynamic complex regulatory environment ensure compliance.  

 

Protect and Grow Income, Reduce Charge-offs

Is a lower past due delinquency ratio and reducing charged-offs important to you?  Of course it is, but how do you do it?  You need to get the right account on the right desktop at the right time!  The key is portfolio segmentation and identifying "at risk" accounts so that you can put the focus where it needs to be.

Collections, powered by VQN, does this by providing options for identifying high risk accounts and segmenting them accordingly.  Additionally, it is not always who you call that is as important as who you do not call.  VQN has a feature called  "habitual late payer" that keeps customers who typically pay during the grace period out of the queues so collectors are focusing on accounts with higher risk.

 

Collection Cost Reduction, Productivity Gains, Improve Control

Is your collection and recovery operation vulnerable to hunting for (or re-assigning) mis-assigned accounts, missing scheduled or required tasks, or manually completing things that can or should be fully automated?  What capacity growth are you missing through inferior technology, overlooking potential at risk assets and exposing your institution to unnecessary risk?

Collections, powered by VQN, facilitates maximum productivity by providing a single 360 view of the customer, their accounts, their notes and their behavior patterns.  With VQN you do not run the risk of overlooking an account that needs immediate attention. 

 

Collection and Recovery Tracking and Reporting

Is Executive Management delayed from getting access to information?  Does your team spend too much time manually assembling key reports?  Would timely, accurate and unrestricted reporting improve Executive Management's ability to steer you on the right course?

Collections, powered by VQN, helps you convert data into usable information by having all the appropriate information in a centralized data repository linked by account numbers and customer identifiers. There are a variety of "baked in" reports as well as reporting tools (Crystal Reports, data warehouse, etc.) available.

 

Current Collection System Status

How long has it been since your collection system received a vendor system update?  

UNI-SOURCE reacts immediately to our customer needs.  When the foreclosure crises occurred we added modules for Foreclosure, Owned Assets, Behavioral Risk Scoring, EDR Month End Reporting and Loss Mitigation.  The primary investors, Freddie Mac and Fannie Mae, placed many regulatory changes on the banks with relatively no lead time.  We provided the features / benefits our customers needed immediately!