Credex IFN S.A. decided to automate their debt collection process by implementing SplashCollect, the debt collection software solution provided by SplashDev Technology & Solution Provider. The solution has been implemented in 10 weeks, delivering impressive gains in productivity and capacity.
CREDEX IFN S.A. is a consumer loans company with 100% Romanian capital, created in 2018 by ALTEX ROMÂNIA, the leader of the electronics, house appliances, IT&C and multimedia in Romania.
Part of ALTEX Group, CREDEX IFN offers an extensive range of lending products, offering its customers flexible financing systems, perfectly adapted to customers’ needs.
Need for product
The need for a complex product appeared at Credex IFN when the portfolio started to grow very fast. First Credex IFN used standard programs like Excel, then the need for a customized solution appeared.
By approaching Christmas, Credex IFN anticipated a fast-growing demand of its lending products and consequently a sharp increase in the number of loan applications followed promptly by an increase in debt collection activity.
As the prediction was fulfilling, there was a necessity to act fast. There was an urgent need to implement a solution that will automate the process in order to keep up with the increased demand. Therefore, the new implementation should be very fast and should not add a heavy burden on already stretched human resources involved in debt collection.
SplashCollect being a Microsoft Dynamics 365 CRM-based solution, the decision makers in CREDEX felt confident with adopting this type of solution. Altex has a long history of using Microsoft Dynamics 365 CRM.
Needs and pain points
In the consumer lending industry, some clients do not manage to pay the monthly rates on time. Here begin the debt collection processes and debt collection strategies.
CREDEX needed a software solution that can integrate with legacy enterprise software systems, extract collection data and then start the collection process. As the volume was expected to be very high, the system had to provide tools to handle large volumes of data, as automated tasks, management views, reports and alerts.
The integration with other software systems was one of the most important criteria in adopting SplashCollect.
Issues related to the former system that SplashCollect solved:
- Excel does not carry much information, a better solution was necessary
- Traceability: It is difficult to track in Excel, and it is difficult to share files
- Sharing: Excel does not allow efficient multi-user browsing and updating
- SMS and physical mail: could not be managed by Excel
- It was difficult to track the processing of notifications and days until due date; the risk of human error was high.
- In Excel it was not possible to work multiple users simultaneously and to see activity of other users simultaneously.
CREDEX chose to implement SplashCollect, the debt collection software solution built by SplashDev Technology and Solution Provider on top of the Microsoft Dynamics 365 Platform.
As time was a critical constraint, the two companies allocated a team of professionals with experience in similar projects. The team managed to keep the implementation within two and a half months timeframe. Even when the end of the year with Christmas and end-of-year vacations happened during the implementation period.
SplashCollect was integrated with CREDEX’s ERP and was fed with collection data from their live environment.
The collection process used by CREDEX was configured in order to automate tasks as data entry; mass, personalized letters creation; alerts and tasks creation.
The learning curve was steep, as all users were accustomed with the look & feel of the Microsoft applications.
Now, the collection cases are created automatically, automated alerts and messages, personalized for each case are created automatically. Only the tasks that require a personal contact between a human employee and a customer are left to be solved by the employees of CREDEX.
Events as “Promise to Pay” are registered in the system based on the agreements reached with the debtors. The collection process is set on hold for such agreements and no actions are taken until the date of fulfilment of obligations or until a promise is broken. The calculation of dates, stages, notifications and actions are made by the system and they change when circumstances change.
Alerts are set, so the cases that require the intervention of an employee are never missed.
The adoption of fast, as no major bug manifested, and minor ones have been corrected very fast.
The implementation of SplashCollect delivered an increased ability to handle more collection cases with the same employees.
The time savings were significant: activities that could last 2 hours, were reduced to 5 - 10 minutes with notifications.
As SplashCollect can handle multiple collection processes, it became easy to set up different processes for different types of clients.
As delays, periods are calculated automatically and collection actions are triggered by these exact calculations. Based on the collection process timeline, there are no mistakes and delays.
Every action is logged and can be audited, and this improves the quality control.
Bugs: All bugs were quickly and efficiently fixed.
Overall, if it is to summarize what the implementation of SplashCollect did for CREDEX, is the improved ability of collecting more, better and with a much lower cost than before.
Ioana Bancu, Debt Collection Director at Credex, speaks about SplashCollect:
“We managed this implementation very quickly because Splashdev was very prompt while Credex supported them with streamlined resources and a clear implementation strategy.
Everything went smoothly and well.
Knowing SplashCollect better now, we develop strategies for collection activities further and we now know more clearly what to expect from our software implementations. SplashCollect helped us a lot to optimize our strategies!”