Secure Trust Bank plc has selected Target to deliver a 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.
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. Mike Abraham, Head of Compliance & Risk at Secure Trust Bank plc