Alternative Lenders

Capability overview for Alternative Lenders

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Alternative Lenders Hero

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A MARKET UNDER CHANGE SEEING TREMENDOUS GROWTH

The Alternative Lending market has seen considerable growth the last 15 years with the growth of digital servicing and the fintech sector. With a low cost of entry the market has been very active and many providers were offered as an alternative to traditional banks.

Amidst this growth the regulator stepped in, capping fees in 2015, which together with a review of lending and collections practices has forced additional compliance requirements, increasing cost and reducing revenue in the sector. This resulted in a shake up in the alternative lending market with many firms leaving the industry.

Compliance and cost to serve are two of the main focus areas within alternative lenders to maintain growth and profitability.

QUALCO helps Alternative Lenders deliver better services with measurable benefit:

  • Configurable system supporting agile change
  • Design and Control Customer Contact Journeys
  • Deliver optimal solutions for you and your customers
  • Allow customers to self-serve digitally
  • Seamless Digital Integration

Regulation in the marketplace requires lenders to increase transparency in the advertisement of their financial products, disclosing relevant information such as fees and charges for customers, together with enhancing customer education.

With significant recent regulatory focus lenders do need to continually assess and consider a customer's best interests. There is a requirement to not just to have controls in place but also to demonstrate and evidence the fact.

An increase in-process monitoring and controls through reporting is required and cost efficiency remains a focus in order to maintain profitability.

Help to remain compliant with QUALCO:

Stay in Control - Enable compliance and add control all whilst mitigating risk with our robust control reporting and documentation tools
Flexible payment arrangements - Fully configurable rules to ensure everything matches payment policies and hierarchies
The right data, the right time in the right location for agents to optimise call handling times and reduce costs

A focus on re-designing customer's journeys to ensure fair outcomes and compliance has led to innovation in the sector. Lenders continuously try to optimise processes and offering new solutions.

Credit scoring and data modelling are being leveraged to assess affordability, creating triggers for contact at the most optimal times, drive settlements and appropriate strategies.

Data, data handling, modelling and insights are areas of high demand and having these processes embedded within QUALCO’s collections system provides a high return to drive process improvements.

How QUALCO helps:

Connect to different data streams for scoring and modelling to segment, identify key customer traits and classify accounts
Use pre-built modelling techniques to devise your own internal scoring with the ability to predict and forecast behaviour prior to implementation
Increase your understanding of the customer base with complete linkage and integration with our data specialist tool D3E
Manage cases in the legal process at a granular level in-house or via external 3rd Parties with data exchange and interfaces functionality

Cost efficiency remains a key driver of profitability, with the digital strategy a key focus are to help meet this objective. Self-serve and the ability to capture data is enabling enhanced service levels, especially when integrated with contact technologies. Affordability (Income and Expenditure) in-particular is high touch process and a key target for digital automation.

This is extending into the recoveries process. Integration with financial support services such as DCA’s, field agents and legal entities is helping to automate workflow and capture compliance data.

All of these adds complexity, especially with regulatory compliance requirements and modern collections systems are being turned to for help. Having each of these processes embedded within QUALCO’s collections system would allow data to be used within the collections strategy and for performance to be truly monitored.

QUALCO can help with your digital first strategy:

Customisable digital channels allow customers to interact and self-serve through their preferred channels
Control and configure an automated I&E journey with set validation controls
3rd Parties interface with pre-defined processes and treatment paths to reduce costs and add controls
Platform fully integrated with Debtstream's self service portal for a seemless digital journey

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OUR VALUE PROPOSITION

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ECOSYSTEM

QUALCO’s technology ecosystem helps you leverage data to gain customer insights, understand account behaviours and flexibly drive effective collections strategies to stay in control. Use the latest tools and techniques to minimise losses, optimise cost whilst creating good customer journeys and outcomes.

QUALCO COLLECTIONS AND RECOVERIES PLATFORM (QCR)

ENABLES THE ALTERNATIVE LENDERS TO:

  • Manage, automate, and standardise your organisation’s processes
  • Design, run and control optimised collections and recovery processes
  • Quickly set up self-service portals and digital journeys
  • All with the aim of enhancing profitability
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QUALCO DATA-DRIVEN DECISIONS ENGINE (D3E)

ENABLES THE ALTERNATIVE LENDERS TO:

  • Ensure robust data management to fully leverage and control data gathered
  • Provide advanced analytics to enable more advanced decisioning and segmentation
  • Take full advantage of data to build sophisticated collections strategies
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QUALCO LOAN MANAGER (QLM)

ENABLES THE ALTERNATIVE LENDERS TO:

  • Quickly onboard portfolios and continue to manage accounts with complete flexibility to be able to adjust for multiple loan terms
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