• April 30, 2007
  • By Marshall Lager, founder and managing principal, Third Idea Consulting; contributor, CRM magazine

Chordiant Takes the Pain Out of Collections

Chordiant Software today announced general availability of Collections Manager, its new application for financial institutions to differentiate themselves and build customer loyalty through their collections efforts. According to the company, Collections Manager uses real-time predictive decisioning to guide customer interactions through industry best practices and business rules. It delivers appropriate customer content and context, and empowers agents to resolve billing issues while optimizing customer relationships for real-time risk management. Chordiant says large retail banks and credit card companies can expect shortened collections cycles, reduced blind dialer calls, and the end of awkward, unaligned treatments. "Understanding the value and risk of an account or customer is a complex issue requiring sophisticated tools," said Phillip DeKemper, vice president of collections and recovery solutions for Chordiant Software, in a written statement. "Most organizations have made some progress in understanding risk and value but need a solution that can make real-time decisions on the next best action to capitalize on the customer opportunity. Collections is no longer just about dollars collected but about presenting the right offer to your customer through the most appropriate channel, which requires new thinking and new solutions." Chordiant Collections Manager applies predictive decisioning in the call center to a customer's existing information and interaction profile. This ensures that each customer receives the offer that best meets their needs, while providing the least risky resolution for the bank or card company, according to Chordiant. In addition, Collections Manager leverages Chordiant Enterprise Case Management capabilities to deliver multichannel processes and task operations, providing consistent treatment offers and messages across every channel. Chordiant's goal is for companies to ensure that all of their collections strategies and treatments are dynamic, specific, unified, and appropriate:
  • Dynamic: Combines customer, account, third-party and interaction data from every channel with predictive decisioning to dynamically determine the best possible approach and treatment for each customer based on their current situation. It also guides agent conversation in real-time to create the most positive possible conversations with customers.
  • Specific: Aligns the right representative with the right customer and determines specific treatments that are the best possible fit for each individual customer.
  • Unified: Delivers multichannel and multi-product capabilities, enabling agents to manage multiple accounts and products in one conversation.
  • Appropriate: Enables companies to protect and strengthen customer relationships by providing collections efforts that match the needs of each individual, while protecting the current and future value of that customer to the organization. For the bank or card company, this maximizes the value of the customer lifecycle. "The sub-prime loan defaults currently flooding collections departments underscore the need for banks to more fully automate collections processes," said Dennis Moroney, senior analyst for bank cards with financial services research firm TowerGroup, in a written statement. "Quickly making and implementing good decisions on a case-by-case basis will be critical for allowing banks to minimize risk as the pressure on receivables continues to increase." Related articles: Chordiant's Lending Platform Unifies Decisioning Market Focus: Financial Services--Stocking the Customer Experience
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