SWBC Launches Preferred Collect™ with FICO®
SWBC has announced an enhanced partnership with FICO to launch Preferred Collect™, a comprehensive managed collections service integrated with FICO's omnichannel communication capabilities. The white-labeled solution enables borrowers to resolve past-due loan payments through multiple digital channels, including text messaging, email, IVR technology, self-service web portal, and live agents. The service offers three distinct options and features advanced data analytics through SWBC's Reporting Portal. This collaboration aims to streamline debt repayment processes, minimize risks, and optimize collection strategies while improving borrower satisfaction.
SWBC ha annunciato un partenariato potenziato con FICO per lanciare Preferred Collect™, un servizio di gestione delle riscossioni completo integrato con le capacità di comunicazione omnicanale di FICO. La soluzione a marchio bianco consente ai debitori di risolvere i pagamenti in ritardo dei prestiti attraverso molteplici canali digitali, tra cui messaggi di testo, email, tecnologia IVR, portale web self-service e agenti dal vivo. Il servizio offre tre opzioni distinte e presenta analisi avanzate dei dati tramite il Reporting Portal di SWBC. Questa collaborazione mira a semplificare i processi di rimborso dei debiti, ridurre i rischi e ottimizzare le strategie di raccolta, migliorando al contempo la soddisfazione dei debitori.
SWBC ha anunciado una colaboración mejorada con FICO para lanzar Preferred Collect™, un servicio integral de gestión de cobranza integrado con las capacidades de comunicación omnicanal de FICO. La solución de marca blanca permite a los prestatarios resolver pagos atrasados de préstamos a través de múltiples canales digitales, incluidos mensajes de texto, correo electrónico, tecnología IVR, portal web de autoservicio y agentes en vivo. El servicio ofrece tres opciones distintas y presenta análisis de datos avanzados a través del Reporting Portal de SWBC. Esta colaboración tiene como objetivo simplificar los procesos de pago de deudas, minimizar riesgos y optimizar las estrategias de cobranza, al tiempo que mejora la satisfacción del prestatario.
SWBC는 FICO와의 파트너십을 강화하고 Preferred Collect™를 출시한다고 발표했습니다. 이는 FICO의 옴니채널 커뮤니케이션 기능과 통합된 종합 관리 징수 서비스입니다. 이 화이트 라벨 솔루션은 차입자가 문자 메시지, 이메일, IVR 기술, 셀프 서비스 웹 포털 및 라이브 상담원을 통한 여러 디지털 채널을 통해 연체 대출 상환을 할 수 있도록 합니다. 이 서비스는 세 가지 뚜렷한 옵션을 제공하며, SWBC의 리포팅 포털을 통해 고급 데이터 분석 기능을 갖추고 있습니다. 이 협력은 부채 상환 프로세스를 간소화하고, 위험을 최소화하며, 징수 전략을 최적화하고 차입자의 만족도를 향상시키는 것을 목표로 합니다.
SWBC a annoncé un partenariat renforcé avec FICO pour lancer Preferred Collect™, un service de gestion des recouvrements complet intégré aux capacités de communication omnicanale de FICO. La solution en marque blanche permet aux emprunteurs de résoudre les paiements de prêt en retard par le biais de plusieurs canaux numériques, y compris les SMS, les e-mails, la technologie IVR, le portail web en libre-service et les agents en direct. Le service propose trois options distinctes et dispose d'analyses avancées des données via le Reporting Portal de SWBC. Cette collaboration vise à rationaliser les processus de remboursement de dettes, à minimiser les risques et à optimiser les stratégies de recouvrement tout en améliorant la satisfaction des emprunteurs.
SWBC hat eine verbesserte Partnerschaft mit FICO angekündigt, um Preferred Collect™ einzuführen, einen umfassenden verwalteten Inkassodienst, der mit den Omnichannel-Kommunikationsfähigkeiten von FICO integriert ist. Die White-Label-Lösung ermöglicht es Kreditnehmern, fällige Darlehenszahlungen über verschiedene digitale Kanäle, einschließlich Textnachrichten, E-Mail, IVR-Technologie, Self-Service-Webportal und Live-Agenten, zu begleichen. Der Service bietet drei unterschiedliche Optionen und bietet fortschrittliche Datenanalysen über das Reporting-Portal von SWBC. Diese Zusammenarbeit zielt darauf ab, die Prozesse der Rückzahlung von Schulden zu rationalisieren, Risiken zu minimieren und Inkassostrategien zu optimieren, während die Zufriedenheit der Kreditnehmer verbessert wird.
- Strategic partnership with FICO enhances SWBC's technological capabilities
- Introduction of multiple digital communication channels for debt collection
- Implementation of advanced data analytics for performance tracking
- Customizable solution with three distinct service options
- None.
Insights
The launch of Preferred Collect™ represents a strategic enhancement to FICO's revenue streams through expanded partnership capabilities, though its immediate financial impact appears modest relative to FICO's
The platform's key value proposition lies in its potential to improve collection success rates through personalized digital engagement channels. While this partnership strengthens FICO's position in the financial services software market, investors should note that collection software represents just one segment of FICO's diverse revenue streams. The deal's primary significance is in demonstrating FICO's continued innovation and market leadership in credit-related technology solutions.
The debt collection software market is experiencing significant growth, driven by digital transformation in financial services and increasing demand for automated, compliant collection solutions. This partnership positions FICO to capture a larger share of the credit union market segment, which traditionally has lower default rates but requires more personalized collection approaches.
The integration of multiple communication channels (text, email, IVR, web portal) aligns with modern consumer preferences and regulatory requirements for less aggressive collection practices. While the immediate revenue impact may be , this solution enhances FICO's competitive moat in the financial technology sector by deepening relationships with credit unions and establishing new recurring revenue streams.
The service allows credit union borrowers to resolve past-due loan payments hassle-free
The newly rebranded service, now known as Preferred Collect™, is an innovative, white-labeled solution that allows borrowers to resolve past-due loan payments easily and conveniently through digital communication, empowering clients with seamless communication across multiple channels. The integrated software offers three distinct options tailored to meet clients' diverse needs while leveraging FICO's cutting-edge technology.
This approach to consumer credit repayment uses text messaging, email, Interactive Voice Response (IVR) technology, self-service web portal, and live agents to engage with borrowers effectively and personally. By fostering better engagement, this approach aims to improve success rates in consumer debt repayment efforts. These communication channels also help to streamline the debt repayment process, minimize risks, and optimize collections strategies for improved outcomes.
"Preferred Collect represents a significant advancement in debt management solutions, combining our expertise with FICO's industry-leading technology," stated Jeff Mortenson, Senior Vice President of Contact Center Products. "This collaboration allows us to offer our clients unparalleled flexibility, insights, and efficiency in their collection's efforts, ultimately driving better outcomes and improving borrower satisfaction."
Key features of Preferred Collect include:
- Flexible Options: Clients can choose from three comprehensive collections options designed to suit their specific requirements, enabling them to customize their approach and maximize results.
- Advanced Data Analytics & Performance Management: Through SWBC's Reporting Portal, clients are able to see the effectiveness of their collections strategies while gaining actionable insights that enable result optimization.
- Enhanced Borrower Experience: Utilizing FICO's omnichannel platform enables efficient and personalized communications with debtors, enhancing the overall borrower experience and increasing the likelihood of successful payment.
"We are excited about our collaboration with SWBC through Preferred Collect as it presents a significant opportunity in consumer debt repayment," said Alexandre Graff, Vice President for Global Partners & Alliances at FICO. "By combining their collections strategy development and operational expertise with our omnichannel customer communication capabilities, we are confident that this solution will enable lenders to collect more outstanding debt while making the process easier and less stressful for borrowers."
For more information about Preferred Collect, contact us HERE.
About SWBC
As a diversified financial services company, SWBC provides financial institutions, businesses, and individuals a wide range of insurance, mortgages, wealth management, employee benefits, and more. Headquartered in
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail, and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 4.6 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by
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SOURCE SWBC
FAQ
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