Main benefits of NEMESIS
It speeds up recovery and reduces the proportion of irrecoverable debts
It gives the possibility to accept higher risk, thus making it faster to achieve business goals
It reduces both internal and external recovery costs
Who is the product intended for?
• Financial services providers (hire purchase, loans, ...)
• Telecommunications operators
• Health insurance
Problem: Manual debt recovery involves significant human resources costs, it is prone to human error and it is slow and therefore less efficient.
Growth of household indebtedness is now at the fastest rate in the history of the Slovak Republic. The expected increase in interest rates implies the risk of non-payment of liabilities (especially long-term loans). It is necessary to be prepared for this situation and fair as well as possible in the competitive fight among creditors.
The debts of one debtor are often enforced by several creditors. Without the possibility of flexible recovery, there is a danger that the competition will be more successful and the debtor will not have the means to repay other debts. Moreover, the debtor may declare personal bankruptcy and thus avoid further recovery.
Solution: Flexible automated system for effective debt recovery.
NEMESIS maximises the degree of automation of recovery processes. It supports client-level recovery (e.g., telephone conversation with the client) as well as on the level of individual debt recovery (e.g., sending reminders). For business experts, it gives the possibility to create, modify, test and evaluate the effectiveness of the recovery process and then optimize it – without the supplier having to intervene.
NEMESIS is used to automate the recovery of debts both in “Early Collection” and “Late Collection”.
Effective debt recovery is provided in the system by the recovery management process through user-adjustable rules. The recovery process rules are set to take into account all the required parameters of the debt and the debtor. The debts are evaluated against all rules and only those rules that are applicable to a debt in a particular state are triggered and executed. Subsequently, various actions are performed based on the results of the executed rules, for example sending a printed reminder (letter), SMS, phone call, blocking a product / service, handing over a debt to be recovered externally, and so on. The rules are ready to respond to events occurring in or outside the NEMESIS application, partial or full payment of the debt, settlement of the repayment schedule, exceeding the deadline, declaring bankruptcy, etc.
• Acquiring and consolidating comprehensive information on debtors.
• 360° view of the client.
• Debt recovery processes defined using business rules allow for both product and client-level recovery as well as execution of parallel processing flows.
• Customizable screens to organize manual recovery tasks and record their results.
• Recording and viewing recovery and executed actions history – daily agendas for the leaders and processors teams.
• High-performance and very well horizontally scalable implementation of recovery rules over the entire portfolio of debts and debtors after their update from the central system.
• Online performance of recovery rules over selected debts or debtors.
• Creation, testing and management of recovery rules.
• Out-of-Box rules for Early Collections solution.
• Support for the implementation of automated actions.
• Possibility to define and use custom debts attributes („custom attributes“).
Softec in the media
How do banks use artificial intelligence (not) to give you a loan and scare debtors
The Slovak economy is doing well – the gross domestic product is on the rise as well as the real wages, the unemployment rates attack the historical minima. Households use these “good times” for greater indebtedness, which is on one hand caused by rising demand for mortgage loans backed by low interest rates set by the European Central Bank.
Peter Polák: When recovering debts, banks review social networks and debtor’s voice
The indebtedness of Slovak households is on the rise. In the last five years, this growth is the highest in the EU. Peter Polák, the director of the banking sector at Softec, confirmed this in the TABLET.TV discussion. In Slovak banks, the number of consumer loans with more than three months overdue increases, totaling almost EUR 400 million, that is almost 9% of consumer loans. According to Polák, the situation will worsen for debtors. “Several indicators imply that this will happen. The interest rates are low and they have nowhere to go down. There is a lot of people in Slovakia who resolve existing loans by refinancing with other loans. Loans available today will become less available. Year-on-year, the number of personal bankruptcies in Slovakia increased by 30%, and this was even before the legislative change which facilitated their implementation,” emphasized Polák.