Using Automation to Reduce Costs and Bolster Quality

Many organisations in the collections space are waking up to the efficiencies, cost savings and enhanced compliance that specialist mobile technology can bring to field teams. As BAU slowly returns post lock down companies will be asking how they can reduce costs and stay lean. 

Eliminating expensive and admin-intensive manual processes, and improving management and compliance, are just some of the benefits that next generation, highly custmisable mobile apps can deliver.

So what are the issues with manual processes and how can organisations use technology to make these challenges redundant?

Common Issues with Manual Field-Based Processes

Through our extensive work with collections teams we have come to recognise common challenges associated with using inefficient data collection methods such as paper, spreadsheets and interactive PDFs. Namely:

  • Not following best practice in relation to vulnerability checks
  • Human error and poor quality data
  • A lack of security in relation to processing sensitive personal data
  • Mistakes made in calculations when determining suggested repayment plans (income and expenditure) and properly making use of national trigger figures
  • Insufficient audit trails for assessing individual interactions between clients and field agents
  • Time-intensive paper or static PDF forms that do not validate information
  • Wasted time in the back office and human error when data is recaptured into internal syste

The Solution

Best-of-breed applications can significantly eliminate almost all of the aforementioned issues. This is primarily achieved through: 

 

    • Data Validation. Personal information such as email addresses, phone numbers, post codes etc can be automatically verified for accuracy to eliminate errors and validate data prior to submission 
    • Bespoke logic and aggregation can be embedded in forms to automatically tally up income and expenditure and ensure accurate outcomes (an example can be seen in the below video at 0:30)
    • Dynamically adapting the process that an agent is required to follow based on their inputs, which also ensures that data capture automatically adapts to the clients’ personal circumstances. See the example in this video at 0:23 
    • Capturing rich media to improve documentation: next generation apps like Formworks can be configured to automatically record audio to document field agent interviews. This is in conjunction with the option to capture photos in relation to the property, as well as geotagging which significantly enhances compliance. Transcripts of interviews can also be used to form the foundation of agent training and improvement plans
    • An intuitive interface that looks like the paper forms that agents are used to, which reduces training overhead and time to deployment

Additional Benefits of Automating Field Based Data Capture

Here are just some of the benefits that are being generated by the latest mobile app automation technology:  
  • Elimination of unnecessary manual admin to undertake duplicate capturing of information in the office, resulting in exponential cost savings 
  • Direct integration of field data with core software, reducing processing times and allowing for real time management reports to be instantly generated
  • Jobs can automatically be scheduled to agents and reallocated to streamline operational process flows
  • Clear and easily accessible audit trails make preparing for an audit a painless process
  • Bespoke applications like Formworks mean that the forms that agents use can be rapidly configured and managed to deliver against different lender requirements

Did you know that Formworks has been shortlisted in multiple categories for this year’s Credit Strategy Awards?

Contact us below for a free trial of Formworks and to find out more about how we are transforming field based data capture in the collections space.

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