Top 10 collections systems: the myth

This is usually with the expectation that arum has a 'Gartner Style Report' that will allow the client to easily choose the best system for their needs.

The truth is that there is no top collections system because each client has a different set of 'key considerations' or criteria that will determine their #1 system. Another factor that makes a generic list obsolete is that there has been a considerable amount of innovation in the collections systems market in recent years, with new solutions and functionality being released on a frequent basis.

arum keeps up to date with the latest trends in C&R technology by researching, reviewing and engaging with new and established vendors for consideration in both our internal and clients' knowledgebase. arum internally hosts a technology webinar series which is a forum for technology providers to pitch their innovative solutions to our experts. This is one channel which helps us keep up to date with the options out there.

What Are Your Key Considerations?

The key considerations step is important in any collections system selection process because it allows arum to quickly determine what is significant to the organisation. These key considerations can be influenced by the maturity of the organisation, budget and benefits, risk appetite, agility, scalability, legacy and future IT architecture, hosting preferences, future ambition, critical functionality requirements, geographic and language restrictions.

How Do You Create A Long-List And Shortlist For Selection?

Typically, arum's initial list of systems for consideration is compiled using arum's internal knowledgebase and market intelligence. The client will often have some thoughts on systems that they would like to include, which we will consider in the assessment. arum then completes a detailed capability assessment of selected vendors to recommend a final list of systems. It should be noted that there are a significant number of vendors in the collections systems market, many of which have specialities or are part of a wider system offering. arum are industry experts in collections and recoveries systems and therefore are aware of all major vendors and solutions in the industry.

So, What Are The Top 10 Collections Systems?

arum categorises the collections and recoveries platforms into Tier 1, 2 and 3 based on a range of factors including breadth of functionality, cost, track record, delivery capability, support network and roadmap.

Tier 1 systems - typically includes the established vendors in the market, and are the 'go-to' systems for most high-volume retail banking, utility, telco and government clients. Functionality in this category is deep and broad and it is great to see that some of the power house providers are investing and continuing to develop the latest versions of their offerings.

Tier 2 systems - in this playing field these new and innovative solutions are functionally rich and can compete with the Tier 1 vendors in this area. All-in-one systems can deliver flexible workflow and analytics, omni-channel communications, I&E capture, self-service capability and placements functionality.

Tier 3 systems - as you'd expect, the low cost and modest functionality provided by a Tier 3 vendor cannot compete with the Tier 1s and 2s when it comes to high volume retail banking, utility, telco and government clients. They are, however, perfectly suited to some smaller businesses and can deliver a large benefit, particularly when introduced to more manual or start-up organisations. They can also offer an interim solution pending future business growth, so should not be ruled out where the balance between cost and functionality is a key consideration.

There was a lot of development and innovation in the Collections Systems Market during 2017 and arum are looking forward to 2018 and beyond. arum would like to thank all of the participants that made our 2017 Collections System webinar series so informative and successful.

Some specific thanks to (in Alphabetical order):

• CGI | DDI Software Ascent | Debtrak Debt Collection Software | Experian Powercurve Collections | Exus EFS | FICO Debt Manager | Hito Edge | Katabat Unified Collections | Pega Collections | Qualco Intracollect | Telrock Optimus
• To discuss how arum can support you in selecting your Top 1 Collections System, contact us today.