Upsell and Collect for Lending Success

On one hand, a lender is struggling with mounting collection costs and low recovery rates. On the other, another lender is celebrating a record 30% reduction in collection expenses and a 14% boost in repayment success. How is this possible? Luck? Not at all! That is precisely the power of real-time data, predictive analytics, and smart automation!

In our previous blog, we covered how Finarkein is reshaping lending with faster underwriting and proactive risk management. Now, we’re turning the spotlight on what happens after the loan is disbursed.

Let’s dive into smarter, more efficient lending strategies that create meaningful value for borrowers and lenders alike.

Smarter Collections

Loan collections are often seen as a bottleneck because they are a cumbersome and resource heavy task. But we’ve got some good news! Finarkein’s Smart Loan Collections approach leverages real-time data to transform loan collections.

1. Real-Time Account Monitoring: Borrowers’ account balances and transaction patterns are monitored in real-time, with real-time updates offered.
2. Smart Retry Strategies: Lenders can also increase their likelihood of successful repayments using advanced analytics. Collection attempts can be timed to coincide with borrowers’ cash flow cycles!? This can lead to an improvement in collection rates by up to 14%!
3. Track and Manage Collections: Lenders can use an interactive interface that provides end-to-end visibility into collection statuses across customers. Automated systems streamline operations and can cut collection expenses by up to 30%. This enhances recovery rates and improves the overall borrower experience.

Identifying Upsell Opportunities?

A loyal customer journey starts when you pay attention to your customers’ needs and sell the right products to them at the right time. Acquiring customers is a relatively easy task in comparison with retaining them and identifying upsell opportunities. Finarkein’s tools can lead to about a 9% increase in upsells, which can result in generating additional revenue, along with good customer feedback.

1. Advanced Customer Insights: Finarkein’s predictive analytics allow lenders to evaluate borrower behaviour, identify financial stability, and determine eligibility for new products.
2. Timely Offers: It is possible for lenders to tailor recommendations for increased credit limits, better loan terms, complementary financial products, and so on by assessing transaction patterns and credit performance of different customers. This ensures time-bound and relevant offers and also boosts customer engagement rates.
3. High-Value Customer Focus: There are so many high-potential buyers that lenders might be losing out on if they do not upgrade or tailor the customer’s experience according to the need. Spotting these buyers and prioritising them could create personalised experiences for them, which in turn, will build long-term relationships.?

At Finarkein, we believe that the future of lending is smarter, faster, and more human-centered. We are empowering lenders to reduce costs, increase revenue, and deliver an unparalleled experience to borrowers.

Stay ahead of the curve with Finarkein as we continue to push the boundaries of digital lending innovation!