Pega Collections recognized for cohesive collections capabilities coupled with intelligent, real-time analytics
Pegasystems, the software company empowering customer engagement at the world’s leading enterprises, today announced that its Pega® Collections software solution has been recognized as a “best-in-class” solution for enterprise support in a CEB TowerGroup analyst report evaluating loan collections systems in retail banking.
The report, Loan Collections Systems (1), evaluated Pegasystems and 13 other vendors for key attributes that “track, execute, store, and analyze information when collecting delinquent loan payments from consumers and help retail banks manage third-party and consumer-facing portals that operate with collections functionally.” Pega Collections was given a “best-in-class” ranking in the enterprise support category, which measures the tactical fit and strategic alignment of the software within the enterprise.
In the report, analysts observed: “Pega Collections creates a cohesive collections experience starting with collections department processing and extending out to customer communication channels.” The report goes on to say, “Pega Collections has a critical foundational capability: financial institutions can build business, operational, financial, and customer engagement objectives into the system and automate the most expensive labor-based processes, reduce errors, and improve collections operations metrics.”
Pega Collections guides collection agents during each customer interaction toward the optimal outcome for that specific customer while maintaining regulatory compliance. Powered by real-time analytics, the solution analyzes customer value and the likelihood the customer will be willing and able to pay their debt, helping banks optimize the collections process while delivering the best options for customers. With Pega, banks can achieve the best possible outcome in the most complex and challenging scenarios.
Quotes & Commentary:
“For financial services organizations, collections can require highly sensitive and often complicated customer interactions. The right software can help minimize losses and retain customers, while remaining compliant and controlling costs,” said Mitch Mitchell, industry principal, lending, Pegasystems. “This recognition from CEB TowerGroup analysts reinforces how we are streamlining and humanizing collections processes with elevated intelligence and efficiency that ensures banks can maintain trustworthy customer relationships.”