Chordiant Revolutionizes Collections for Global Financial Institutions

"For major banks and card companies, customer communications are becoming increasingly dynamic," says Henry Ijams, managing director of PayStream Advisors, a Charlotte, North Carolina based financial business process consulting and advisory firm. "Historically, financial institutions have applied 'one size-fits-all' collection treatments to their most profitable customers, thereby inviting high-opportunity clients to take their business elsewhere. Through combining customer data with powerful real-time analytics and decisioning, Chordiant now helps major bank and card companies to dynamically customize each interaction, striking an optimal balance between increased recoveries and customer retention."

In the call center, Chordiant Collections Manager applies predictive decisioning to a customer's existing information and interaction profile, enabling agents to make dynamic, unique next-best-action recommendations. This ensures that each customer receives the offer that best meets their needs, while providing the least risky resolution for the bank or card company. In addition, Collections Manager leverages Chordiant Enterprise Case Management capabilities to deliver multi-channel processes and task operations, providing consistent treatment offers and messages across every channel-web, call center, phone and mail. Offered within the Chordiant Cx Enterprise Foundation, Collections Manager provides a number of other world-class enterprise capabilities, including interaction management, process orchestration, and telephony integration. The Cx Enterprise Foundation is built on Chordiant's highly scalable, 6th generation services-oriented architecture (SOA).

Chordiant Collections Manager minimizes the impact of delinquent customers, allowing managers to make smart, consistent, and repeatable customer and business-focused decisions throughout the customer lifecycle. Now collections management can minimize losses and be equipped to support and guide good customers through difficult financial times, producing a positive, ongoing and optimized customer revenue stream out of collections.

"The sub-prime loan defaults currently flooding collections departments underscore the need for banks to more fully automate collections processes," said Dennis C. Moroney, Senior Analyst for Bank Cards with the TowerGroup, a leading Financial Services research firm. "Quickly making and implementing good decisions on a case-by-case basis will be critical for allowing banks to minimize risk as the pressure on receivables continues to increase."

Chordiant Collections Manager is the newest offering in the growing family of key applications Chordiant delivers for the entire retail banking customer lifecycle. Other solutions in the family touch major banking lines of business, including lending, servicing, disputes management, fraud management, retail banking, and marketing. With Chordiant Collections Manager, companies can ensure that all of their collections strategies and treatments are dynamic, specific, unified, and appropriate:

• Dynamic - Combines customer, account, third-party and interaction data from every channel with predictive decisioning to dynamically determine the best possible approach and treatment for each customer based on their current situation. It also guides agent conversation in real-time to create the most positive possible conversations with customers.
• Specific - Aligns the right representative with the right customer and determines specific treatments that are the best possible fit for each individual customer. Chordiant Collections Manager enables banks to treat each customer like a "segment of one."
• Unified - Delivers multi-channel and multi-product capabilities, enabling agents to manage multiple accounts and products in one conversation.
• Appropriate - Enables companies to protect and strengthen customer relationships by providing collections efforts that match the needs of each individual, while protecting the current and future value of that customer to the organization. For the bank or card company, this maximizes the value of the customer lifecycle.

"Understanding the value and risk of an account or customer is a complex issue requiring sophisticated tools," said Phillip DeKemper, Vice President of Collections and Recovery Solutions for Chordiant Software. "Most organizations have made some progress in understanding risk and value but need a solution that can make real-time decisions on the next best action to capitalize on the customer opportunity. Collections is no longer just about dollars collected but about presenting the right offer to your customer through the most appropriate channel, which requires new thinking and new solutions."