The mortgage market has undergone considerable change in the last few years. With growth in areas such as Buy to Let and Help to Buy schemes, new competition increased, with some sectors such as business loans, falling outside consumer regulation seeing considerable growth. Increased regulation has added a requirement to manage the cost to serve while demonstrating adequate control measures and having robust processes and policies in place.
Technology has also quickly become a key enabler to drive flexibility over change, create customer centric journey’s and leverage automation, driving efficiency and effectiveness in collection.
QUALCO helps Mortgage Lenders deliver better services with measurable benefit:
With strict regulatory requirements, customers facing financial difficulties need to be treated fairly, provided with help and repossession used only as a final resort. All prescribed steps must be followed with compliance and control requirements extremely high.
There is now a need to not only ensure control measures are in place but also to demonstrate and evidence these are followed. The burden of regulatory compliance has added cost to many businesses, with companies seeking efficiencies, automation and flexibility for process optimisation to help maintain profitability.
Help managing compliance with QUALCO:
With a focus on creating good customer journeys with fair outcomes, lenders are continuously optimising processes and offering new solutions for customers in arrears. Driving this development is the exploding use of data and modelling. This is being used to optimise contact times, channels, and segments in collections to generate better, more efficient outcomes.
Simulation and testing of different scoring and decisioning components have also become more common with tools such as champion challenger being used to determine optimal strategies.
Incorporating data, data handling, modelling and insight are areas of high demand and high return to drive process improvement.
Use QUALCO to optimise your processes:
Cost efficiency as a key driver of profitability remains a focus and digital strategy a key element within this. Self-serve and the ability to capture data is enabling enhanced levels of service, especially when integrated with technologies such as omni contact channels, in addition to reducing cost. Affordability (Income and Expenditure) in particular is a target for digital serve self-automation.
This is also extending into the recoveries processes, integration with field agents, solicitors, and asset managers, together with DCAs for shortfall recoveries, all of which can now leverage automated workflows to streamline processes 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:
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.
ENABLES MORTGAGE PROVIDERS TO:
ENABLES MORTGAGE PROVIDERS TO:
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