Much of the same functionality you find beneficial in your Customer Relationship Management system can also be used to streamline collection activities. Our clients often find that managing collections in Salesforce provides them with the essential tools they need to get the job done, all in one place. Specifically, using Salesforce will allow you to:
• Utilize standard email templates to follow-up with delinquent borrowers.
• Establish a variety of work queues using native Salesforce list views. E.g., have queues and assignments based on number of days past due, location and past due amount.
• Setup tasks for follow-up and assign those tasks to team members.
• Maintain all customer notes in one place allowing credit, collections, sales and customer service full visibility to the account history.
• Utilize the Salesforce workflow tools to standardize the process for collection management. I.e., structure stages and events to occur automatically.
There are numerous collections enhancement/apps available, however we specifically suggest the following to make your life a bit easier:
• Integrate “texting” into your solution. See our October blog post to learn more about available options.
• Integrate with a Payment processor. Again, there are a number of options on the AppExchange. Tamarack has successfully worked with Lenders to build integrations to their Servicing system for processing ACH payments.
• Integrating with your Core or Loan/Lease accounting system is crucial. The ability to view payment and invoice history within Salesforce enables your collectors to be more efficient.
The Tamarack Loan/Lease Accelerator has a collections module built into the solution. If you would like to see how collections can be completed within Salesforce, please let us know.