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In the face of unprecedented demands for performance and value creation, fast-changing customer expectations, and new competitors, banks are investing in digital technologies to transform their way of doing business for the future. The challenge is to find the best path forward. In this two-part blog series, I’ll explore one proven option—the implementation of a single, comprehensive and tightly integrated technology platform, starting in the area of default management.
In this first blog, I cover why default management is a great place to begin a digital transformation journey, and in a follow-up blog, I’ll share key issues and challenges in implementing a true customer-centric default management “maturity model” that drives digitalization.
Tech savvy banks approach digital banking with a long-term strategic vision. They don’t try to “boil the ocean” by attempting to transform all of their application areas at once. Rather, they adopt a plan that moves them application by application into the digital future—and they stick to it.
The default management area is a great place to start, serving as a pilot case and building momentum for the digital transformation of other core services. Digitally-enabled, customer-centric default management can help at-risk clients gain control over spending, better manage debt, eliminate collection contacts and, in extreme cases, avoid wage garnishments, repossessions and defaults. The move to such a “maturity model” can be envisioned in four stages:
A typical large retail bank today finds itself somewhere between Stage 2 and Stage 3, operating with several discrete collections, recovery and accounting systems, as well as multiple decision engines. Few banks operate with a single, integrated, end-to-end default management, collections and recovery platform with one set of tools to manage all portfolios. Such a goal, however, is quite achievable.
The CGI approach brings a single platform to all aspects of default management, collections and recovery. Through a customer-centric orientation, rather than product-based one, the platform allows a bank’s collection agents and other authorized parties to see complete account records for making better decisions and recommendations and developing better treatment strategies. A single, consumer-oriented digital banking platform provides:
Other benefits of a single platform approach include rapid response to market changes and customer needs; faster introduction of new tools, channels and system capabilities; avoided costs for system development, implementation, updating, maintenance and training; and, from a default management perspective, maximum revenue recovered faster than ever before.
In my next blog, I’ll discuss the key issues and challenges in implementing a single platform approach in the area of default management. In the meantime, feel free to contact me with any comments or questions.
With nearly 30 years at CGI, Steve Crowell currently leads CGI’s Financial Services Group (FSG) Credit Program. Steve is responsible for guiding strategy development for the program and overseeing its overall operational management. This includes developing and executing strategic initiatives, managing product development and maintenance, ...
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