January 19, 2015

COLLECTIONS Workflow Automation Tools

Workflow Automation Tools

Workflows that operators perform at a financial institution vary greatly. For example, some operators deal with auto repossessions, other operators perform loan boarding and payment deferrals, and other operators enter data from forms that customers have completed.

The collections system simplifies and automates tasks such as these by allowing administrators to configure automatic workflows to match the business processes that operators perform. After configuration, the application automatically presents the data-entry operator with the next screen to be completed in a sequenced set of steps.

Workflow enables your organization to map and automate your specific business processes such as those related to charge-offs, fraud, repossession, bankruptcy, insurance tracking, foreclosure, delinquency management, and skip tracing. This function handles process flows that are both linear and branching and addresses data entry and tracking as well as account assignment to vendors and document processing.

Workflow transforms a business process having many manual processes requiring paper trails, documents moving from desk to desk, and account assignment from person to person into an electronic process where the movement, assignment, document processing, data gathering, and tracking is all handled within the system.

To further enhance the effectiveness of Workflow, other features can be combined with the workflow views such as Pilot rules and suggestions and Checklist functionality.

Workflow ensures that processes are performed consistently and efficiently across your organization.

Business Process Management

Leveraging workflow automation to increase process efficiencies can provide significant gains in productivity and operational control. With our tools, collection resources can be strategically positioned to focus their efforts on key processes and accounts for a maximum return on your investment.

The Business Process Management, BPM, module within the collections system facilitates workflow automation and streamlines internal and external processes. This tool handles process flows that are both linear and branching. Processes such as account selection, data-entry/tracking, document processing, vendor assignment, and account follow-up can be automated with a flexible business-oriented tool.

The system enables organizations to map and automate specific business processes, such as those related to:

  • Delinquency Management
  • Receivables Management
  • Bankruptcy Processing
  • Repossession
  • Collateral Liquidation
  • Customer Care
  • Account Administration
  • Title Tracking
  • Correspondence
  • Remarketing
  • Special Account Handling
  • Insurance Tracking
  • Asset Recovery
  • Skip Tracing

Shaw Systems provides flexibility and control so that customers can quickly respond to market, strategic, and regulatory changes. Customer-centric portfolio management ensures that corporate objectives can be executed properly and in a timely manner. Shaw customers have automated hundreds of sophisticated business processes using this tool.

View a list of BPM processes here.