Pega Collections guide
Pega Collections overview
Collections, default management and risk executives have traditionally been constrained by inflexible, outdated systems, limiting their ability to intelligently rehabilitate delinquent customers. This results in higher than acceptable customer loss rates, unnecessary charge-offs, increased operational costs, and often, an unsatisfactory customer experience.
Pega Collections helps organizations by giving them powerful, real-time decisioning and analytics that select the most effective communication channel and intelligently guide users through personalized offers and programs that balance customer needs, business objectives, and regulatory requirements. The application also combines intelligence with powerful business process automation capabilities, which drive inefficiencies out of collections operations and in all phases of collections management.
Pega’s Default Management/Loss Mitigation capabilities deliver specific functionality, empowering servicers to solve troubled loans, and provide assistance to mortgage loan customers from any stages of default.
Pega Collections supports access to cases through multiple channels, containing robust document and condition management capabilities. The application provides rules-based calculation of offer and modification types and amounts based on program guidelines, including a wizard to help business users quickly add or change programs to remain in compliance with various government and investor requirements.
The application seamlessly unifies with Pega Marketing to deliver intuitive and sophisticated tools to empower businesses to create and manage collections treatment strategies, across multiple channels and devices.
The benefits of Pega Collections include:
- Improved user productivity and reduced cost of collections
- Reduced roll rates
- Improved customer experience
- Integrated analytics to automate decisions based on customer, credit risk, geography, etc.
- Consistency of business and regulatory treatments across all service channels, products, and agencies
- Increased management control and insight
- Automated actions to conduct wrap-ups and audits
- Increased employee enablement
- Process-driven Build for Change® technology ensure rapid deployment and business agility
- Champion/Challenger functionality deliver continuous strategy performance improvements
- Flexible pre-qualification screens for easy data collection ensure the right mitigation program is chosen for the borrower
- Eligibility rules for over a dozen federal and state modification programs
- Configuration wizard create new mitigation programs for quick deployment
- Document tracking and perfecting at each stage
- Single Point of Contact (SPOC) processing, work lists and reminders
- Borrower portal to upload documents and view status