Every year, the debt collections and recoveries sector holds its collective breath as the Celent ABCD Vendor View on Retail Loan Collections Solutions begins landing on desks and desktops across the world.
A research and advisory firm that exists to publish reports that identify prevalent trends and practices across the financial services sector, Celent is uniquely placed to offer an unbiased and informed opinion on debt collections solutions. That’s why it was such a great honour for EXUS to receive a ‘Depth of Customer Service’ award in the 2019 report.
Following EXUS’ Best-in-Class award from Gartner a few years ago, this cements EXUS as providers of some of the best debt collections technology in the world. Indeed, alongside the depth of service honour, EXUS was also ranked among the top 3 vendors in terms of both breadth of functionality and advanced technology.

Why it matters

Celent has managed to develop a standardised framework based on end-user feedback that fairly evaluates the leading debt collections and recovery system providers in the world. It measures their effectiveness in four categories - advanced technology, customer base, breadth of functionality and depth of client services.

Using this framework, they publish a report every year that provides an independent assessment of delinquency trends and retail loan collection technology solutions available on the market. It also ranks the top vendors in each of the four categories, which are themselves split into several subcategories.

EXUS scored an almost perfect 5/5 across all subcategories that make up the depth of customer service field, including functionality, ease of use, technology, integration and implementation. No other vendor achieved such high scores.

But what was it about EXUS specifically that appealed to the Celent panel? 

The EXUS difference

Flexibility

Celent found the EFS to be a modern loan collections system that meets the needs of all sizes of financial institutions. They also found that many clients were using the EFS solution for multiple types of retail loans, which they felt was a strong indication of the power and flexibility of the system, its configurable business rules, workflow and data management capabilities. The simple to navigate user interface also allows clients to adjust strategies and adapt to regulations on the fly, which is particularly relevant in developing countries where regulatory changes can be frequent and excessive.

"A system that is unique in its usability."

Workflow

EFS has been manufactured with an architecture that is designed to provide platform independence, easier system enhancements, and role-based, multi-user access through a web browser interface. The rule-based system also allows for a configuration of workflow, analytics, compliance and more that can be catered directly to individual client requirements, allowing banks to localise collections across countries, for example. The EFS Collections Analytics module was also singled out as a strong competitive differentiator for EXUS, given the module’s ability to analyse internal and external data to inform performance metrics for segmentation, designing collection strategies, or deciding on in-house or outsourced handling. Modules work together and enable workflows to be configured quickly and reliably with simulation tools that allow strategies to be tested before launch, resulting in a system that is unique in its usability.

Field Collections

One area of the EFS that particularly impressed Celent was the Field Collections module. This provides real-time access to customer data to up to 1,000 field collections agents, giving them the ability to automatically schedule, perform and monitor all activities. The app also synchronises automatically whenever there is available Wi-Fi, which means that wherever there is a stable signal, agents will have the latest information available to them. The app reduces the likelihood of an agent acting on wrong information and an intelligent routing algorithm optimises their route, combining distance and collections metrics to optimise the amount of money collected per hour.

Third-Party Collaboration

By allowing third parties (such as credit bureaus, for example) managed access to all customer information from one centralised system, the EFS gives full control over who can access what information and when they can access it. This integration means that third party communication is in real-time and that all parties are working together in true synchronicity. It is, therefore, easier for collections teams to monitor the performance of field agents and to enforce a bank’s treatment strategies, effectively treating field agents as in-house agents.

Modular Growth

The EFS is always adding new modules, with the Write-Off module, which launched in 2019, for example, able to calculate account balance transactions after events so that clients will be able to perform recovery actions after accounts have been written-off. As long as EFS continues to evolve and bring new channels and payment capabilities to the table it will continue to be a formidable piece of software.

Of course, this is just scratching the surface of what makes EXUS and the EFS such a desirable debt collections solution. Additional benefits include the support of multiple currencies and languages, the ability to be used on the Microsoft Azure cloud service and the formal partnerships it has managed to cultivate with various global third-party system integrators.

A feature-rich and comprehensive solution across multiple countries and jurisdictions.

What really sets it apart, however, is that EXUS is fully focused on risk management across the entirety of the debt collections and recovery lifecycle. This means it is able to offer clients a feature-rich and comprehensive solution across multiple countries and jurisdictions; a solution that is more flexible, more usable and more approachable. And in a sector with so many potential complications and such a historically negative perception, that’s an incredibly attractive proposition.

Read more of Celent’s opinions on the EFS and how it fares against other retail loan collection solutions Read the EXUS reprint version of the report

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EXUS provides specialized software solutions for financial institutions, banking, telecoms, utilities.
For more information about our products and services please contact:  info@exus.co.uk