How a debt management platform simplified the debt collection process

A debt management platform can be a real game-changer in the struggle to overcome the biggest pain points in the collections process. Scalable collections processes are crucial in enhancing debt recovery through advanced technologies.

This time, Michał Kaleta, our Managing Director of Financial Services, would like to tell you more about debt management process and our unique solution that we created from scratch for one of our clients.

What was the business need behind creating the debt management platform?

The client needed a solution that would allow debtors who are late with their payments to manage the debt management processes online. So far it could only be done manually by the client’s customer service team via a dedicated helpline. The main goal was to optimise this process and give debtors independence in handling the payments and change the repayment schedule on their own/semi-automatically.

Additionally, the platform needed to incorporate hedging instruments to manage interest repayments on variable-rate loans, ensuring financial stability and reliability.

What was the scope of the debt management platform project?

To fulfil the business needs, the system must be equipped with certain functionalities allowing the user to repay their liabilities and submit an application to have a payment instalment postponed, their repayment schedule adjusted or to sign an agreement online. The platform also helps businesses forecast and manage their cash flows, providing a clearer understanding of their financial health.

The foundation of the project was that the system had to be integrated with various banking systems and services on the client’s side. The platform is constructed in such a way that the logging in between them is unnoticeable for the users. The whole process happens in the background, without the 2-step verification, yet remaining fully secure and providing all the details about project pricing to ensure transparency. The platform centralises customer data, making easy access for agents.

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Also, the UX design is 100% unique and prepared in close collaboration with the client’s team. It’s intuitive and transparent. UX design was the first stage of the project that determined the technical requirements and backend processes. As soon as the first UX views were all set, the frontend developers stepped in to create the necessary components. Throughout the whole process, all elements of the application were consulted and authorised by the client.

While developing the platform, we took care to build it in accordance with the Web Content Accessibility Guidelines to make it usable and inclusive for all users, such a, people with disabilities or those who do not have a stable internet connection. The platform also follows the Responsive Design principles and can be accessed on any device.

What were the biggest challenges?

For us, the main challenge was the complexity of the undertaking. Especially the integration stage and creating a mobile version of the app that adhered to special security requirements turned out to take up a major part of our team’s time and required a lot of attention.

Also, it’s worth mentioning that the multilevel decision-making process must be taken into consideration when planning out the timeframes for a project like that. Agile coordination is crucial to avoid bottlenecks.

The outcomes

The first question that most likely comes to your mind right now is: what results does the platform bring for the client? Does it fulfil their goals?

After receiving positive feedback from the client, we can proudly say that the platform delivers the expected results. The platform has significantly enhanced the customer experience by leveraging technology and digital solutions. It also helps businesses maintain valuable customer relationships while optimising debt collection processes.The platform enables users to gain visibility over their debt management strategies, aiding in analysis and decision-making processes. The users have been using the main functionalities successfully and there are now plans to add new features.

Is it worth investing in debt management software?

I hope that after reading this article you have now solid grounds to believe that the investment in debt management software pays off. However, the ready-made solutions meant to fit all, usually cannot be customised to match specific needs or security and regulatory requirements. In contrast, a dedicated solution made from scratch is a long and costly undertaking.

The good news is that you can now have the best of the two worlds. Our brand new product – DebtPro – is a ready-made, yet fully customisable debt management platform that can be tailored to your specific business needs and requirements.

If you would like to find out more about our solution, complete the form below and contact our expert today!