As enterprise-level software development becomes increasingly accessible and affordable, you may be considering whether to build your own debt collection system rather than purchasing one. The need for effective management of consumers facing financial difficulties continues to grow amidst an increasingly complex regulatory landscape in all territories worldwide. Whether you are looking to replace your existing system, facing a lengthy conversion process, or contemplating a custom build, it’s essential to weigh your options carefully.
While your organization may have a good track record in delivering IT projects, many examples exist where such initiatives did not go as planned. With our decades of experience in the industry, we recommend considering the following key points when evaluating your choices:
1.Avoid Reinvention
By purchasing a product from a leading provider like Telrock Systems, you are not just acquiring software; you’re also leveraging the expertise of a team that has invested significant time and resources into its design and development. A robust debt collection system encompasses various components, including:
- Agent UI: Dynamically adjusted screens dependent on customer needs, account types, and indebtedness. Displaying all pertinent data including suggested next best actions. Our ‘collector workbench’ display is the most feature-rich available on the market.
- Business Rule Decisioning and Workflow Engine: Enables work segmentation, suitable treatment offerings, and scheduling of communications. Built through ‘drag and drop’ low/no code, version controlled and easy to use.
- Database Management: Captures, stores and creates collections-related data to inform better future outcomes and provide valuable insights. Our 100% Account/Customer API coverage allows you to get data in and out easily.
- Remediation Tools: Supporting highly flexible payment plans, forbearance offers, and regulatory hold times. Payment facilitation including recurring payments.
- Integration and Communication Tools: Ensure effective data handling and customer contact at the right time with the right message via the right channel. Enabling a digital-first approach switching to human-agent when needed.
- Customer Facing Portal: Our customer-facing portal allows your customers to self-serve, providing a seamless experience to that of dealing with an agent. The options available to the customer are consistent with an agent interaction, utilising the same business rule set to ensure compliance and consistency.
All these components, and many more, are available out of the box with minimal configuration to help drive faster ROI.
2. Cost Efficiency
The real cost of building your own solution often manifests as lost opportunities, particularly if it results in an inferior product that cannot scale with your future needs. While in-house development may appear cheaper initially, delays and inadequate features can lead to costly mistakes. Our product suite is designed to streamline the design, configuration, and testing processes, ensuring you reach your Minimum Viable Product (MVP) and full go-live status swiftly while maintaining rigorous quality standards.
3. Regulatory Compliance
Purchasing an enterprise solution provides peace of mind regarding regulatory compliance. Telrock’s Optimus software is built with industry standards in mind, giving you the tools to help you navigate complex regulations and minimize compliance-related risks.
4. Scalability and Flexibility
As your business grows, so does your portfolio of delinquent customers. Events like the global financial crisis, the COVID-19 pandemic, and rising inflationary pressures / increased cost of living necessitate a collections platform that is not only feature-rich but also scalable and flexible. Telrock’s Optimus software is cloud-native, designed to scale seamlessly and adapt to future requirements without significant redevelopment efforts. We have successfully load-tested our platform for over 22 million accounts and counting.
5. Future Roadmap
Our Optimus solution is the result of substantial investment and expertise. Importantly, our commitment doesn’t end with the current offering. As technology advances and regulatory changes arise, we will continue to enhance our software to meet market needs. With a three-year roadmap of exciting developments planned, we have historically delivered consistently on over 80% of our planned enhancements. In contrast, an in-house build may just meet today’s needs but will require a dedicated team of designers and developers to keep pace with evolving standards.
6. Information Security
Ensuring information security should be top of mind for any organization. Telrock’s solutions and SaaS infrastructure are subject to extensive independent information security audits and are certified to PCI DSS and SOC2 standards. These audits are time-consuming, expensive, and an ongoing burden for individual client organizations pursuing a self-build strategy to bear.
In summary, while we may be biased, we believe there is no comparison when choosing to buy versus build. If you’ve read this far, you likely share our viewpoint!
We understand that securing funds for this level of investment can be challenging, which is why we are currently offering free professional support to help you build a compelling business case for adopting Telrock’s Optimus software. Our team can provide insights and data to illustrate the long-term value and ROI of investing in a proven solution.
Let’s Talk! If you’re ready to explore how Telrock’s Optimus solution can transform your debt collection process, we’d love to chat. Email us at info@telrock.com.