Collect SM allows financial service organizations to adopt a more strategic and analytical approach to their customer service, collections and debt recovery processes.

As part of the Strategy Management suite of solutions in the U.S., and used by more than 600 clients in over 60 countries, Collect SM provides a flexible and automated infrastructure supporting the complete collection process, from pre-delinquency to late collections and write-offs. The organization is able to process its collection cases on a day-to-day basis, supported by sophisticated decisioning that ensures that the actions taken are the most appropriate depending on the customer's circumstances.

Commenting at the launch of Collect SM, Liam Hand, director of Credit Operations, Bank of Ireland, said: "The effectiveness of the collection function within a financial organization can make a significant impact to its overall profitability. It's important to be able to understand the reasons why a customer is in trouble and then react accordingly. If you are able to make the collections function strategically effective, operationally efficient and customer orientated, you will add significant value, both in terms of profit and customer service."

Walt Ramsey, president, Experian-Scorex North America, added: "A variety of pressures, such as market forces, legislation and competition, are forcing change within the collection function, and the processes to collect debts are becoming increasingly sophisticated while adapting to that change. Collect SM uses tried and tested decisioning and workflow technologies to great effect and will enable organizations to meet these new challenges.

"Organizations need to deploy advanced methods to ensure their collection departments maximize their performance. By understanding the objectives for the different stages of collections and adopting a strategic approach, an organization can expect to reduce both losses and costs while improving overall customer service."