Axis Bank, India’s third largest private sector bank tied up with information services firm Experian to enhance its debt management and collections activities.
“Axis Bank will use Experian's Tallyman software to efficiently manage customers in arrears, reduce the cost of collecting debt and increase working capital by reducing debt write-offs,” Experian said in a statement.
Tallyman is a key component of Experian's Debt Collection and Recovery suite and the software automates the collections process across the complete lifecycle - from managing high-risk pre-delinquent customers through to debt recovery. The software also segments arrears portfolios into highly specific customer types to enable collections departments to assign the appropriate collections activities sensitive to each individual case, it said.
Jairam Sridharan, Head of Consumer Lending & Payments, Axis Bank, said: "Through Tallyman, we will be able to minimise collections costs, while delivering the best possible customer service. Furthermore, it will significantly reduce our implementation time and dependency on IT resources which can be dedicated to improving other core banking systems."
Vikram Narayan, Chief Executive Officer& Country Manager, Experian India, said: "Tackling bad debt in an efficient and effective way is a real problem for many organisations. Our work with Axis Bank will enable it to manage customers in arrears in a more proactive, targeted and sensitive way when collecting debts. The software's flexibility means that Axis Bank can rehabilitate customers back to active trading, identify and manage those showing signs of financial distress but also take the appropriate actions for those customers where the recovery of debt is a priority.”