$394 Million Collected in Last 5 Years at 79% of the Cost of Doing Early and Mid-Stage Collections Onshore.

Challenges.

The client faced challenges including inefficient debt collection processes, high operational costs, and the need for improved collection strategies.

Solution.

Coforge implemented a comprehensive solution, including:

· Streamlining debt collection processes

· Implementing cost-effective collection strategies

· Utilizing advanced technologies for efficient debt recovery

· Developing a unified automated process for daily banking activities

· Creating a reusable framework for API enablement

The Impact.

The impact of Coforge's solution is summarized as follows:

· $394 million collected in the last 5 years at 79% of the cost of doing early and mid-stage collections onshore

· Improved overall customer banking experience through automation

· Real-time processing of 7500 applications, including online and non-web channel cases

· Interaction with 8-10 systems via 5 unique integration points

· Enhanced customer onboarding and operational ease for banking activities