It was an overall system modernization for better document and contact management. We recreated the dated debt collection software solution to streamline the debt collection process beyond surface-level solutions.
Revamped Debt Collection System for a FinTech Company with 12K+ Clients
Client Location
USA
Industry
FinTech
Project Duration
24 Months
Engagement Model
Dedicated Development Team
Technologies Used
Visual Studio, .NET, Microsoft SQL Server, C#
About the Project
Client Background
The client is a professional commercial collection agency, based in Tennessee, with over 12,000 clients around the globe and more than 25 years of industry experience. They deal with business-to-business debt collection or individuals who have a considerable amount of business-related debt.
The Need
The client team was previously using an agency software that was incurring heavy losses and recurring costs due to the use of outdated workflows. More than a decade old, the system couldn’t keep up with licensing rules and regulations.
Moreover, the last agency they chose to work with didn’t meet the requirements at all. It actually went further away than what the client was looking for. Hence, they were looking for an ideal IT partner to redevelop their tech vision by improving the functionality of the debt recovery solution. They wanted to transform their internal system to lead the market with best-in-class technology solutions.
We knew we had to fix the mess and do it absolutely right this time. Two months we invested for the requirement gathering phase. That’s what’s going to make the difference.
Faisaluddin Saiyed
Project Manager, Radixweb
Key Milestones
- To replace the existing website that incurred heavy yearly costs and modernize it into a browser-based system; precisely migrating its historical data of fifteen years from Sybase to SQL Server.
- Meeting the ever-changing consumer demands with centralized authorized access to all departments and empowering its employees with seamless and secured user control management.
- Inclusive report management module for analyzing collected data and generation of various reports for admins, managers, and sales and on-ground collectors based on their unique needs and financial forecasting.
- To bring various isolated business processes of different platforms, like MS Access, Visual Basic, PHP Web Portal, My SQL, and many others, to MS Excel under one fully equipped loan collection management system.
- Integration with QuickBooks for bi-directional data synchronization capabilities for payment reconciliation, automating account payable, and generating accounting reports.
Solutions Offered
To gain in-depth knowledge of their contemporary intranet system and business prerequisites, our FinTech software development team simplified various modules and understood functional interaction specifics.
After assembling the required information about enterprise processes and intricate workflows, we designed mockups to define the comprehensive architecture of the debt management and collection system to save additional iterations and last-minute changes within the stipulated timeline.
Technology Consulting
Synchronizing in-depth analysis and required outcomes, we proposed .NET technology for the frontend and Microsoft SQL for developing the backend of the debtors management software. To access and manage financial records, we integrated the web connector process of QuickBooks for information exchange.
Prototype Development
For intuitive and engaging interfaces, we used Balasmiq which helped in flawless visualization much before we developed it. We presented a number of visual designs, color schemes, and layouts to the team to choose from and worked on the finalized mockup.
Software Integration Services
Integrating third-party services is where expertise and experience come in handy as we seamlessly integrated the QuickBooks accounting system to automate the accounting functions of the debt recovery management software.
Testing and Quality Assurance
Adhering to strict standards of software quality helps to add authenticity to our products, thanks to our seasoned team of QA professionals. They followed an agile process during the testing phase for incremental and continuous evaluation of each system module.
Support and Maintenance
Consistent support to the modernized debt collection system after its launch ensured optimum performance. Our team looked into meeting all performance needs and delivered a smooth working system in the final handover.
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Notable Features
Here are some of the top features our FinTech developers created for the debt collection management software:
Financial Record System
A centralized system that consolidates various data points such as financial transactions, past activities, debt histories, and contact details, into a system of record. This results in quick retrieval of information and efficient case management.
Client Portal
Using the portal, their clients can log in and check updates on their accounts like payments, and remittance statements. They can also download information to create custom reports from any device.
Notifications and Alerts
The loan recovery management software gives real-time alerts for critical activities, such as payments made, due dates, terms violations, etc. This ensures nothing slips through the cracks and the client has up-to-date information on everything.
Role-Based Accessibility
The system facilitates role-based data accessibility and authorization to various users, such as IT administrators, support agents, managers, and supervisors to securely fetch client data.
Coverage Report
A summary of the lead penetration by representing the ratio of dialed leads vs. uploaded leads. This feature also shows debt collection performance and helps the client make data-driven decisions.
55%
Increase in Productivity
6%
Annual Portfolio Growth
150+
New Accounts Acquired
Final Outcomes
After the successful deployment of the commercial debt collection software to the production environment, the efficiency and output of the users have increased by a large margin. With a tech-savvy approach, our financial software development experts have empowered their business with:
Higher Business Productivity
Blended with cutting-edge technologies and futuristic vision, the solution has streamlined all business operations and recovery activities to increase productivity by 55% and consequently support futuristic goals.
Enhanced Customer Service
Despite lower staffing levels, the company maintains high customer service standards. Employees have quick access to a wealth of information which enables them to provide timely and detailed updates to clients.
Revenue Growth
The company's fees are up and running, which indicates a positive impact on revenue. The software has likely contributed to 6% annual growth by allowing the sales team to offer immediate client access and quick information retrieval. It has also helped them secure 150+ new accounts.
Client Satisfaction
The responsive web-based debt collection software has garnered positive feedback from clients. The easy access to account updates, downloadable information, and customizable reports has led to increased satisfaction.
Our collectors have all worked at other agencies before and seen a variety of systems. Their feeling is that the new system is super user-friendly and that access to information is a breeze. I never had to use my escalation process and that's a big part of what kept us successful.
Jana Bauer
MIS Director
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