FICO (NYSE:FICO), a leading predictive analytics and decision management software company, today announced the general availability of FICO® Debt Manager™ solution 9.5, with a host of new features designed to help collectors improve productivity while ensuring they are compliant with new regulations. The solution enables collections groups to reduce operating costs, achieve score-driven increases in amounts collected, adjust to changing regulations and increase customer satisfaction.
FICO® Collection Scores are now available out-of-the box, giving users the ability to assign the right treatment strategy and collector to each individual account, and thereby helping to improve performance. Typical operations that adopt FICO Collections Scores see a three to five percent lift in collections.
“Payment patterns have been changing fast and we’re seeing growing numbers of first-time defaulters in many markets,” said David Lightfoot, vice president of product management for FICO. “Collectors are increasingly turning to analytics so that every call, text or email yields results. With FICO Debt Manager 9.5, we’ve made it even easier for collectors to deploy analytics and boost their performance. It’s all part of FICO’s goal of democratizing analytics and bringing the proven power of scoring to every client.”
FICO Debt Manager 9.5 is fully integrated with FICO® Risk Intervention Manager, which automates real-time communication with customers through their preferred channel, improving right-party contact rates. FICO Risk Intervention Manager clients report being able to handle two to four times the volume at the same cost with better right-party contact rates and improved customer satisfaction.
Working together, FICO Debt Manager and FICO Risk Intervention Manager enable collection organizations to adhere to regulations that stipulate language and debtor contact, and to produce reports quickly and easily for regulators based on a full audit of every action, automated or manual.
“The enactment and interpretation of new regulations is occurring quickly, which can have a tremendous impact on performance,” said Lightfoot. “FICO collections solutions work together to provide the ‘new basics’ that collectors need: comprehensive data capture and analysis, analytically driven actions, collector activity control, 100% coverage of voice interactions and more powerful virtual agents.”
FICO Debt Manager 9.5, available both in the FICO® Analytic Cloud and as on-premise software, has several features that increase collectors’ success and efficiency. The Balance Reduction Plan gives users the ability to create schedules for consumers to reduce overdrawn or over-limit balances in increments. The configurable Collateral Support tab standardizes collateral data and enables users to define any collateral type, such as vehicles, real estate/property, financial instruments and boats. FICO® Network integration provides connectivity and support to more than 500 agencies and data providers in the US and UK.
FICO® Debt Manager™ solution is the most full-featured end-to-end solution for collections and recovery available today. More than 200 credit grantors, retailers, utilities, healthcare providers, government agencies and collection agencies worldwide rely on FICO debt management solutions.