HES LoanBox: October Updates 2022

New month, a new update for HES LoanBox! 

Meet HES LoanBox: Ready-to-Use Lending Platform In October, we focused our efforts on developing features for debt collection. And as a result, we have released a separate module for Collections. Let’s dive deeper into details and see how it works.

No time to read? Request a 15-minute demo, and our experts will show you around at your convenience.

#1. New role: collection manager

First off, we added a new role – collection manager – that you can assign to the users. Employees with this role get access to 2 dashboards:

• Tasks. On the Tasks dashboard, they can see available and assigned the Call the borrower tasks.
• Collections. In this tab, the user can see all the collection processes, their current status, and detailed information about calls made and promise to pay date:

There is one important security detail: collection managers get access to the collection management functionality on both these boards, but they can not write off debts.

#2. Ready-made soft collection strategy

HES LoanBox: September Updates 2022 The new version of LoanBox is now equipped with a default soft collection strategy. The flow includes the following steps:

• Step 1. When creating a new loan product group, you can set the number of days overdue before collection status. During these days, the borrower will get email and SMS notifications about the payment delay.  The collection process starts if the lender doesn’t get repayment after the preset number of days.
• Step 2. When the system starts the collection algorithms, your collection managers will see new tasks on the Task board. They need to call the borrower and find out when they will be able to pay:

If they don’t get the exact date, for example, because the borrowers don’t pick up the phone, they register this result as “Didn’t get a promise to pay.”

• Step 3. The system allows you to call the borrower once a day, three days in a row. If the manager can’t get the necessary information during this time, the loan will be written off, and collection will be closed as failed.
• Step 4. If the manager successfully reaches the borrower and gets the promise to pay the date during the call stage, the system will ask them to enter this date. Depending on the borrower’s behavior, the platform will either stop the collection as successful or remind the manager to call the borrower the next day after the deadline.

This collection plan is available out-of-box and can be configured according to your needs. For example, we can change the number of allowed calls.

#3. Flexible collection approaches by demand

All these features described above are available in the default Collections model, but what if you need additional functionality or have a special request? No worries, LoanBox can get you covered for such cases as well.

If you have an exclusive collection approach, the premium plans of the LoanBox can come with the needed customizations. By your request, we can add:

• credit holidays;
• deferred payments;
• integrations with a collection agency;
• possibility for loan refinancing;
• functionality to request additional information from the credit buro, and more.

This list of possible options is almost unlimited. We are always happy to discuss your specific request in detail. Just share your ideas with us, and we’ll discuss the best possible ways to bring them into reality.

#4. Set different collection types for different loan products

The updated version of the platform allows you to choose the needed collection strategy when creating a new product group. Thus, you will have much more flexibility in your offers, and different deals may refer to different collection types.

Conclusion

HES LoanBox: What’s new? All these new features are now available in our HES LoanBox, but our work on improving the platform never stops. We are constantly looking for new ways to make it even more convenient and feature-rich. Stay tuned not to miss new updates, and if you are eager to see LoanBox in action, join the live demo with our experts.