At a glance
Loxon and Thought Machine have partnered to provide real-time coverage of the collections process.
Solution category
Customer Interaction
Geography
Global
Built by
Loxon
The challenge
Managing end-to-end collections in a client-centric and cost-optimised way needs sophisticated system support.
Currently, the majority of banks’ systems cannot ensure client engagement or improve recovery rates. They also lack the ability to monitor clients’ collection behaviours and store this data for analysis.
The solution
Loxon and Thought Machine’s solution works to directly address the challenges above.
This integration enables financial institutions to leverage Loxon's next-generation collection system and Vault Core’s complete flexible configurability. Using account data maintained in Vault Core, the integration covers delinquent account creation, updating account balances, and retrieving transactional information such as customer repayments.
Benefits
High levels of flexibility
Customisation across banking operations is essential to ensure banks remain competitive. Beyond quick-to-implement standardised offerings, this integration is supported by low-code, highly configurable platforms that allow for client-specific customisation without compromising integrity.
Fast implementation
Using Vault Core with Loxon’s out-of-the-box solution, banks can standardise collection implementation quickly while ensuring preciseness.
Transparency across the collection process
From onboarding to reporting, end customer information is captured and stored in customer dashboards with 360-views, offering a streamlined and transparent approach to collections.
How the solution works
Thought Machine and Loxon’s interoperability provides a real-time data feed, allowing banks to have an up-to-date view on delinquent portfolios, as well as the correct collection strategy to balance these accounts. This improves customer engagement and strengthens loan portfolios.
Vault Core first streams account, balance, and transaction details via Kafka for delinquent accounts. The Kafka consumers in Loxon’s next-generation collection system identify account delinquency. Then, the integration uses Vault Core Streaming API to receive the details needed to create repayments in the collection system.
The solution can be integrated with other bank systems via integration mechanisms, including REST APIs, messaging queues and Kafka.
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