Debt Collection

Whether you are a bailiff, a debt collection agency or a financial institution, use Algoan Debt Collection solutions to help you collect and recover bad debt.
Debt Collection

Onboard the debtors in a smooth way

When it comes to debt collection, it is never easy to reach out to debtors and onboard them. It’s mainly done through phone, emails, and text messages and then an operator tries to discuss further details with the debtor.
Algoan can help with onboarding debtors in an easy and simple way.
Algoan Chatbot can simulate a human conversation and is easily customizable allowing you to communicate effectively with debtors while collecting main information that will help you collect the debt.
Algoan Chatbot incorporates Open Banking data aggregation, KYC and electronic signature technologies to ensure a streamlined debt collection experience.

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Quickly reach an acceptable repayment agreement with the debtor

Instead of basing your negotiation with the debtor on declarative data, use Algoan solutions in order to get accurate and up-to-date data directly retrieved from the debtor’s bank account.

You can instantly get information about the debtor’s financial situation such as:

  • The residual income
  • Total income and total expenditure
  • The account balance
  • The presence of overdraft fees

But also other insights that will help you in collecting the debt such as:

  • The presence of monthly repayments related to other loans
  • The chronology of all the debtor’s cash inflows and outflows

Algoan Credit Insight helps debt collectors get a precise idea of the debtor’s financial situation, which is key in order to reach an acceptable repayment agreement between the debtor and the debt collector.

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Save time & increase your analysts/operator’s productivity

Algoan Dashboard is a customizable dashboard that helps debt collectors get all the data that matters in a single view in order to save time and increase analysts/operators’ productivity.
Having such digest information in one place helps debt collectors easily simulate and negotiate acceptable payment plans with debtors while taking into consideration the real financial situation of each individual debtor.

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Key benefits

Better customer experience
Thanks to Algoan Dashboard, it’s possible to offer a seamless customer experience while reducing the need to call debtors by phone and also while basing the analysis on the debtors’ real financial situation instead of assumptions and declarative data.
Process & data Automation
Algoan offers solutions that automate the debt collection processes as well as important financial data extraction (income, expenses, loans, etc.), which used to be done manually by operators/analysts.
Automatic cash flow analysis
Algoan categorisation technology allows automatic cash flow analysis by automatically detecting/calculating regular incomes, fixed expenses, loans as well as risk markers (gambling, overdrafts, payment incidents, etc.).
Data reliability
Since the data is directly retrieved from the bank account, The analysis of the debtor’s financial situation is objective and leads to fair negotiations in order to collect the debt. When called by phone, debtors are often reluctant to communicate their true financial situation.

Are you ready to build the best Open banking credit experience with Algoan today?

Contact our sales team to learn more about our solutions and see how we can help

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