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FICO Unveils Debt Manager to Improve Use of Predictive Dialers in Collections

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April 10, 2012

FICO Unveils Debt Manager to Improve Use of Predictive Dialers in Collections

By Rajani Baburajan, TMCnet Contributor

FICO, a provider of predictive analytics and decision management technology, has just released its FICO Debt Manager platform which will help to enhance the ways in which predictive dialers are used for collections and recovery services.

The software supports collections for credit cards, mortgages, secured and unsecured loans, and checking-account overdrafts. It is offered as a preconfigured version known as FICO Debt Manager Live for rapid deployment and can be deployed in as little as four months, as opposed to 12 to 18 months in traditional models.

The solution has helped companies realize 15-percent reductions in bad debt and 50-percent reductions in collections and recovery costs. The software is easy to implement, and it uses preconfigured strategies to immediately differentiate customer treatment based on their needs. This tailored approach supports customers and provide better results for both parties.

The FICO Debt Manager platform integrates with Telrock’s mobile and digital payments application SmartCollect to increase the speed and efficiency of collections and improve the overall customer experience. The solution suits budget-constrained businesses looking for a flexible solution to expand their collections solutions over time.

Complete with important data and pre-loaded collections strategies and treatments organized by product, delinquency bucket and risk level, this solution helps companies collect the money they are owed in a much shorter period of time.

"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, in a statement.

"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," Lightfoot added.

Some of the other major enhancements of FICO Debt Manager 8.1 platform include automated proposals for loan workouts, improved usability and access to account histories, agency management, and dialer notifications to improve the productivity of collectors.

Predictive dialer systems can be used to automatically place a large number of outbound calls simultaneously and deliver answered calls directly to agents. These solutions have become a vital element of call centers, helping to drive efficiency.

Edited by Jamie Epstein

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