Secure Trust Bank chooses Target to deliver arrears management solution
Secure Trust Bank plc, has selected lending and arrears
management software experts Target Group, to deliver a tailored arrears
management system to optimise collections and increase
efficiency across a wide range of loan portfolios.
The tailored arrears system will
manage the bank's loan portfolios for motor finance, retail finance
and unsecured loans which operate under the Moneyway trading
name. The system will also administer the bank's budget
accounts for household bills.
Target's solution will enable Secure Trust Bank plc to fully
automate many existing manual processes to enhance operating
efficiency and improve collection rates. It will also provide a
scalable platform to support further growth of the lending
business. Sophisticated pre-delinquency and arrears
management strategies will reduce the lender's risk exposure and
improve overall collection rates.
Mike Abraham, Head of Compliance & Risk at Secure Trust Bank
plc said:
"With ambitious growth plans, we wanted a reliable yet cost
effective solution that's flexible enough to deliver a scalable,
and innovative arrears management system that will support our
growing business. The combination of our experienced collectors
together with Target's sophisticated software and consultancy
expertise will ensure we reduce arrears and manage the overall risk
to our business."
Commenting on winning this new contract, James Snow, CEO, Target
Group stated:
"Target's client-centric, consultative approach meant we were
able to provide a highly tailored arrears management and customer
contact solution to support Secure Trust Bank's numerous and varied
loan portfolios."
Published: 24 June 2010