Axis Bank chooses Experian for debt management and collections in India

Source: Experian

Axis Bank, India's third largest private sector bank has chosen Experian, the global information services company, to help 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.

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, if necessary. Tallyman also segments arrears portfolios into highly specific customer types to enable collections departments to assign the appropriate collections activities sensitive to each individual case. The software promotes a more strategic approach to collections by combining Experian's data, analytics and consulting to help organisations improve operational efficiencies.

Jairam Sridharan, Head of Consumer Lending & Payments, Axis Bank, said: "Axis Bank strives to invest in world class technology to manage every aspect of the business with high levels of efficiency. After evaluating a number of leading suppliers, we selected Experian's Tallyman software as it provides the business with the ability and flexibility to automate and customise processes to fit around our needs. For us, a key element of effective debt management is to be able to adopt a more targeted and personalised approach rather than applying generic strategies. Though Tallyman, we will be able to minimise collections costs, while delivering the best possible customer service. Furthermore, the hosted version of Tallyman will significantly reduces our implementation times and dependency on IT resources which can be dedicated to improving other core banking systems"

Richard Fiddis, Managing Director, Strategic Markets, Experian, 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. Experian has 30 years experience in debt management systems and has installed more than 80 systems around the world in different vertical markets. Tallyman deployments deliver a rapid return on investment, which makes it an incredibly powerful proposition." 

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