Online Resources, a prominent supplier of financial technology services, announced that it has launched Virtual Collection Agent (VCA) 5.0. This new product is the most updated version of its web-based debt collections tool for financial institutions and billers of all types.
“VCA provides an online emulation of the live agent interactions that many indebted consumers would have had over the phone in the past,” explained Janie West, ORCC chief marketing officer. “It enables consumers to arrive at a payment resolution in a private, non-confrontational environment via the Internet. VCA gives consumers the full service experience they expect, but it’s all handled using intelligent automation to determine each person’s eligibility for payment plans and tailoring of payments to that consumer’s specific situation to resolve the overdue status if payment in full cannot be made immediately.”
The 5.0 version boasts a suite of new features that add value to lenders and billers as well as the consumers they serve. Companies can reduce operating costs, maximize collections, and reduce loan losses for overdue auto loans, mortgages, credit card bills, and other personal debt using VCA’s 24×7. It also simultaneously provides customers with a more effective method to restore their good account standing and eliminate the hassle of debt collection. Each biller’s eligibility rules can be used to offer customized payment programs and settlement arrangements online. The eligibility rules can be tailored around existing account data or real-time consumer information.
There are a number of exciting new features for lenders and billers, including:
– Detailed access to consumer behavior data and new, intuitive tools to control automation of online offers;
– Multi-account relationship capability with each consumer so that a single sign-on will take customers to any of their accounts that need resolution;
– Promotional code support, enabling marketing campaign and previous interaction with call center agent tracking to arrive at repayment offers specific to each consumer;
– Consumer experience in virtually any language; once consumers sign on to the site and specify their preferred language, each subsequent visit is automatically set to use that language; and
– Addresses Americans with Disabilities Act (ADA) accessibility concerns with the option to certify as WCAG 2.0 Level AA compliant.
VCA is currently collecting at a rate of $2.4 billion per year, and West points out the additional benefits to billers and lenders.
“When a $300 payment prevents a lender from charging off a $5,000 balance, that has a direct impact on an organization’s bottom line. Through champion/challenger studies, we’ve measured VCA’s average reduction in loan losses at 10 percent annually. We expect future results will identify even greater value in returning customers’ accounts to good standing – and profitability,” said West. “Organizations seeking to improve their collections would be well-served to augment their legacy methods with a tool geared toward the preferences and behaviors of today’s consumers whose primary need is to resolve the situation without embarrassment or having their schedule interrupted. Consumers simply do not want to be contacted by a live agent. With the Virtual Collection Agent 5.0, billers can collect more, for less, while restoring good, profitable relationships with their customers.”
For further information, please visit www.orcc.com
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