RETAIL FINANCE

Capability overview for Retail

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INTRODUCTION

An expanding sector driven by innovation

The retail lending sector has seen growth in recent years. Online shopping, technology combined with economies of scale have allowed the expansion of this sector into lower value and higher volume of items. Retailer loans and third-party point of sale financing have all seen considerable growth.

Regulatory oversight as elsewhere in financial services has steadily increased with companies needing to ensure customers can afford to take on credit and understand the implications of not making payments or defaulting. There is a need to identify and deal with vulnerable customers appropriately.

How QUALCO helps:

  • Advanced feature capability
  • Modular design to minimise bespoke customisation
  • Ease of upgrade and implementation
  • Strong track record and industry specific experience

Regulatory oversight has been steadily increasing as elsewhere in financial services. Lenders need to ensure customers can afford to take on credit and understand the implications of missed payments. With a need to identify and appropriately manage customers and their individual circumstances, fair treatment is a priority. Vulnerability in particular is an area of recent high focus in the retail market as a result too.

Businesses need to continually assess and considering a customer's best interest based on their circumstance is commonplace. This has resulted in the continuous development of forbearance options and strategies for customer engagement. Innovation across the industry has been introduced by re-designing customer journeys to ensure fair outcomes and compliance.

There is now a requirement to not just to have controls in place but also to demonstrate and evidence the fact. This has undoubtedly increased the level of process monitoring and reporting required. Cost efficiency remains a focus in order to maintain profitability and compliance required to remain in business.

Qualco will help you remain compliant:

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

The retail industry has evolved alongside its customer’s increasing demands for digital technology usage. As a result, retail credit lenders have increased their digital footprint redesigning processes and using the latest communication technology.

Links with credit bureaus and other data providers are all leverage on a frequent basis to provide additional insight, in addition to helping assess affordability. Scorecards and models are leveraged to devise collections strategies, segmentation, predict customer behaviour, and determine the most appropriate contact approach.

Capturing data, self-serve and integrated contact technology such as Omnichannel is all used to achieve successful outcomes.

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

Retail customers have been at the forefront of adoption a full digital lifestyle, a process which has accelerated through the Covid-19 pandemic. Self-serve has increasingly become a need more than an expectation and the industry has rallied to this opportunity to enhance the customer experience, improve customer satisfaction, in addition to reducing costs.

As such, there remains a continuous focus on developing new solutions to offer greater flexibility for customers. This includes highlighting if they are experiencing financial difficulty or vulnerable. Affordability (Income and Expenditure) in-particular is high touch process and a key target for digital automation together with enhanced integration with third parties.

All of this 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 allows for the capability to be built, data to be used, strategies built to develop a seamless and modern customer experience.

Qualco can help with your digital first strategy:

Digital channels allowing customers to interact and self-serve through their preferred channels
Omnichannel Communication providing an improved customer journey and experience
Control and configure an automated I&E journey with set validation controls
Fully integrated with Debtstream's self-service portal for a seamless digital journey

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OUR VALUE PROPOSITION

SOLUTION 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 RETAIL INDUSTRY TO:

  • Manage, automate, and streamline 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 RETAIL INDUSTRY 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 RETAIL INDUSTRY 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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