If you work in Islamic banking, congratulations: With $2 trillion globally in assets, Islamic banking is expected to grow 19.7% per year until 2018.
But as Islamic banking goes global, how can you maintain growth without compromising your desired risk profile?
By generating more revenue from business you already have.
By using a specialized collections and recovery software solution.
The Benefits of a Specialized System
Specialized collections and recovery software is a suite of tools that make collections and recovery efforts better, faster and more profitable. The software:
- Identifies and treats credit risk early.
- Improves collections performance.
- Manages legal proceedings and recoveries.
- Delivers detailed insight into portfolio evolution.
A specialized system improves collections results because it prevents delinquencies and helps you collect more from distressed accounts. The best systems can be used by anyone in your organization, no matter how technologically talented they are. The best systems include:
- Early warning system capabilities that prevent delinquencies.
- Collections tools to recover more from distressed accounts.
- Robust analytics for decision-making insights during each collections phase.
- Self-service options that cater to the online habits of modern customers.
- Legal recovery functionality that manages and tracks litigation processes if collections fail.
So, how can specialized collections and recovery software help you grow revenue?
How Collections Software Grows Revenue
Collections and recovery has changed. Previously, placing a call to delinquent customers was the norm. That tactic was ineffective.
Now, customers have different preferences. They must be contacted across many channels in their online and offline lives. If you neglect these methods and channels, you reduce the effectiveness of your collections activities.
Collections software makes doing this easy. It offers tools to identify at-risk customers and contact them where they prefer. In short, it improves collections success rates.
Customers also have multiple obligations and unique payment challenges. Collections software has an early warning system and analytics tools that tell you when accounts are at risk of delinquency. These insights allow you to prevent costly delinquencies. They also identify the perfect time to offer customers a settlement—maximizing returns.
And because of multiple customer channels and obligations, there’s more collections work to be done than ever. Specialized software’s visual tools and ease-of-use make collections teams more productive and effective. That directly improves your bottom line.
Specialized collections and recovery software just makes sense for Islamic banks. The best part? As you grow thanks to collections software, it grows with you.
Now that’s a smart investment.
Discover the Power of a Robust C&R Solution
Mauritius Commercial Bank needed a solution to better manage their entire credit risk cycle. They turned to EXUS. Read their story and learn how the partnership led to success in collections and recovery.
Image Source: Jimmy Baikovicius under Creative Commons 2.0 Generic