RETAIL BANKING

Capability overview for Retail Banking

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INTRODUCTION

CREATING FLEXIBILITY FOR CONTROLLED, TAILORED, EFFECTIVE CUSTOMER TREATMENT

The Retail Banking market has transformed into a hugely dynamic market over the last 10 years, with the development and integration of new and emerging technology. This has hugely reduced the cost of entry for new nimble competitors to traditional high street banks. An entire fin-tech sector has grown up offering innovative, low cost financial services for consumers.

The sector has been transformed driving investment in new technology, contact channels and in-particular digital self-serve functionality.

The Covid-19 pandemic is creating financial stress for customers across Europe, banks need to react and have flexible strategies and customer treatments in place to handle increasingly complex scenarios against a background of increasing NPL volumes.

QUALCO helps the retail banking sector better manage in a rapidly changing environment:

  • Advanced feature capability and flexibility to adjust customer treatments for effective Collections & Recoveries management.
  • Customise digital channels to allow customer to self-serve through preferred channels.
  • Deploy sophisticated credit risk management techniques through enhanced analytics to positively influence NPL and NPE’s.
  • Leverage the latest technology and functionality as it is released to remain current and innovative.

Regulation and compliance are significant factors in the industry. New regulators and regulatory requirements have forced organisational and process changes, additional responsibilities for executives and evidencing requirements. The bar has been raised on the level of detail required.

Mortgages, credit cards and overdraft products all have new guidelines on regulatory standards that must be followed when treating customers fairly, in-particular for those who are vulnerable or in financial difficulty, with the design of suitable forbearance programmes.

This has created more openness, transparency and more intelligent tailored product solutions for customers, an area of focus for credit risk teams. Good customer journeys and fair outcomes are key, a theme that is important for both brand protection and a competitive advantage across Collections, Recoveries and the NPL book.

The burden of regulatory compliance has undoubtedly added cost to many businesses, with technology being utilised to control and monitor processes. It is being used to provide great support in what otherwise could be a somewhat an onerous environment.

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
Manage the legal processes –Take advantage of pre-defined processes and treatment paths to reduce legal costs and add controls

Lenders have increased their use of data by utilising credit scoring and data modelling to predict when and what type of contact should be used to drive the best outcome. Champion challenger strategies allowing for test and learn have become increasingly common.

For consumer banks, current account and credit card data is particularly useful, holding rich levels of detail that can be leveraged to not only aid the delivery of contextual offerings but to also improve classification and segmentation.

More specialised lenders are also looking to use Open Banking to provide advantages through the insight this data holds. It can be used as a complex modelling to dynamically change strategies deployed to customers that would be deemed more appropriate and effective. Staying ahead of the curve and leveraging data to inform your processes is key.

Use QUALCO to help generate value from your data:

Business driven strategy design with visual interface and champion challenger functionality
Connect to different data streams for scoring and modelling to segment, identify and classify accounts
Use Pre-built modelling techniques to build scoring to predict and forecast behaviour
Increase understanding across your customer base with linkage and integration to our specialist data tool

Self-serve and the ability to capture data is enabling enhanced levels of service, especially when integrated with contact technologies, in addition to reducing costs. This remains a continuous focus on developing forbearance solutions to offer greater flexibility for customers in financial difficulty, with affordability (Income and Expenditure), remains a key process and cost. It is a key target for digital self-serve.

Further integration with third party suppliers has also become commonplace to expedite the automation of processes. Enhanced integration with debt collection agencies and more automated debt sale portfolio decisioning is also being enabled.

Ideally each of these processes are embedded within a collection system to allow data to be used within collections strategy and performance monitored. All of these adds complexity, especially with regulatory compliance requirements. Modern collections systems are being turned to for help.

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 a self service customer portal for a seemless 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 RETAIL BANKING BUSINESSES 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 RETAIL BANKING BUSINESSES 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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