Written by Andrew MacDowell, Director, DecisivEdge
I don’t know about you, but I enjoy the challenge when someone asks me to score something.
Just set aside a few minutes of your busy schedule to quickly measure the effectiveness of your current vendor services. We’ll make it easy for you to complete this exercise in three easy steps within three minutes. It works just like your golf game…the lower the score the better your vendor effectiveness. Caution, if your total score is somewhere between 16 and 30 points you might consider another vendor.
So take out a piece of paper and pencil and let’s play!
Step I: Score each of the categories below either a 1, 2, or 3:
1= Superior, 2= Acceptable, 3= Not Acceptable
- Customer Loan Attributes – Seamlessly captures key new loan or modifications to consumer data.
- Fully Integrated Customer Information – Real time capabilities to import data from multiple sources such as loan, sales, and collection data.
- Integrated Reporting – Billing, collection of payments and fees, restructuring and managing exceptions.
- Accounting Interface – Strong accounting interface between the customer database and general ledger.
- Asset Tracking – Asset tracking throughout the contract life-cycle including insurance coverage, buyouts, returns, repossessions, and delinquencies.
- Returns or Disbursals – If asset is returned, manage status of asset after contract maturity including inspections, refurbishments, scrap, sale and release.
- Delinquency Management – Define collection strategy tasks and manage calling, payments and promises to pay with agent dashboard.
- Collections – Allows smooth workflow with delinquent accounts to minimize collection risk. Queues can be created for delinquent contracts. Includes attributes such as days delinquent, loan type, and loan value used by third party collection agents.
- Customers – Seamless customer interactions.
- Automation – Nearly paperless environment. Minimum manual intervention during production.
Step II: Tally your score:
If you scored a perfect 10, look no further. You have a great platform!
If your score was somewhere between 16-30, it may be time to seriously consider another lending and leasing platform.
I hope you had fun with this. Feel free to email me at firstname.lastname@example.org or call 302-299-1570 x414 to learn more about DecisivEdge and our Lending and Leasing as a Service (LLaaS) offering.