According to Alexandros Efstratoglou, Business Development Director at Relational, technological advancement has always been “one of the strongest catalysts” in debt management. For this reason, understanding and mastering it is a plus for companies looking to optimise their resources. Efstratoglou highlights current trends – such as personalised processing and the incorporation of portfolio data and asset management – that are revolutionising the way portfolios are managed in the NPL market.
Efstratoglou explains that if a company focuses on granular assets (e.g. unsecured retail loans), the approach is more standardised. On the other hand, in more complex cases (e.g. corporate loans) a tailor-made approach is needed. Using machine learning and Artificial Intelligence (AI), firms are able to offer personalised solutions to customers.
Portfolio data migration can be a differentiating feature in debt management, regarding the onboarding and respective efficiency. In combination with the latter, the upcoming standardisation of NPL data templates across the EU will surely “lead to an efficient secondary NPL transactions market”, notes the Relational executive. In his opinion, this is expected in the next 6-12 months across the EU.
He also predicts that “data cleansing and data enrichment practices (e.g. integration with open sources or open banking practices) will have a significant impact on secured portfolios, where information is often scarce”.
When it comes to debt management, platforms such as Relational’s AroTRON can support the complexity of all asset classes in terms of the information required and the steps to be taken.
More trends in NPL management software? According to Efstratoglou, webchat, chatbots and even social media information exploitation are gaining ground. In addition, omni-channelling allows tech vendors to offer 360° customer management.
Moreover, through the use of a self-service portal, everyone wins,” Efstratoglou explains. “Customers can interact directly and conclude agreements on the structure of their debt, e.g. on payment promises or settlement plans while the company, for its part, can make optimal use of its resources, e.g.agents focusing on more complex cases”. Technology is advancing and so is NPL management.
The company is another sponsor of SmithNovak’s upcoming Global NPL Conference, of which Brainsre.news is a proud Media Partner. The event will be held in London on 5 and 6 October and will provide a stage for discussions about the latest technological advances in the NPL field, along with other pillars such as the state of the market itself and the impact of current regulations on the segment’s figures.
Source: Press release