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Collateral Management Systems: The Next Generation
The latest collateral management systems reduce time and eliminate roadblocks for collectors by incorporating global positioning and cellular technologies, according to a Spireon white paper, “Collateral Management Systems: The Benefits of Deploying for Vehicle Finance.”
These technologies allow users to get information in real time and find the location and movement of assets 24/7. Plus, lenders can use these systems to remind customers that their payments are past due via a warning signal located in the vehicle or with automated text alerts.
Other elements for a state-of-the art collateral management system include:
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A secure, dedicated, Web-based portal that enables collectors to automatically track and communicate with borrowers quickly, enabling them to manage a much larger loan portfolio;
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Immediate and automatic activation at the dealer level;
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Training of lender staff on the collateral management system and its software interface;
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Marketing and field training support to the lender’s sales team and dealer base;
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Two-way, application protocol interface that allows lenders to integrate collateral management system data directly into their own portfolio management systems;
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The option to require dealers to use a certified third-party installer of hardware to ensure quality and consistency; and
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24/7 support for any issues that arise.
Spireon’s LoanPlus collateral management system helps auto lenders improve loan portfolio performance, price loans more competitively, and improve collections efforts. Visit spireon.com for more information.
