October 19, 2022
A large local government management organization serving a population of 149,000 had recently undergone a period of transformation to centralize its debt management function. Collections for all the various payments due to the municipality were centralized to improve average performance. While this effort produced positive results, the organization still felt there was room for improvement in its technology infrastructure to help drive a best-practice approach.
The organization’s collections team worked hard, but the results were below the desired levels. They were frustrated by the limitations of the existing systems. Each collector had his or her way of collecting cash, and there was no guiding strategy or process in place. In addition, the ad hoc collections made it difficult for managers and required a considerable time commitment.
• Large volumes of cases and not enough staff to efficiently and effectively manage and complete all of the work.
• No way to prioritize workloads.
• Working from long, static lists led to accounts being missed or even bypassed if they were challenging.
• Payment reconciliation took up to three weeks, causing a build-up of arrears.
• Delays threatening or issuing legal proceedings and duplicating work.
• Debtors forming bad habits as they were often not contacted in a timely manner after missing a payment, if at all.
To address these challenges, the organization engaged an external consultant to identify weaknesses in its existing debt collection processes. They then scoped out the requirements for a software package to improve and modernize their collections. A comprehensive bid process was conducted which resulted in Sharetec’s Specialist Collections Software Rocket Collector being awarded the contract.
The procurement team felt the user-friendly solution was an excellent value. It provided all the advanced functionality they required, in particular recurring card payments and automated agreement to pay monitoring. The team was pleased to discover that Rocket Collector helps organizations reduce costs, collect significantly more debt, and save substantial time by integrating with existing systems for exceptional debt recovery results.
Providing a 360-degree view of customer debt, Rocket Collector offers advanced functionality, automation, and insight to dramatically increase efficiency and reduce costs versus traditional methods and manual processes. Additionally, the solution is well-suited for a variety of industries and organizations—including credit unions, banks, debt collection agencies, attorneys, financial services, loan servicers, telecom/utilities, and local government—and boasts a multitude of benefits and features.
To read more, click below.