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The better the question
A renowned Indian NBFC was looking to re-invent its debt recovery process with technology.
A large non-banking financial company, renowned for its role in the consumer finance and commercial lending space was looking to improve its vendor verification processes and develop risk mitigation strategies. Given the increasing workload, the company’s current manual processes strived to meet the desired standard and timeframes. This necessitated a structured vendor verification protocol that would help safeguard the company’s pristine image.
They envisioned a platform that would effortlessly pinpoint trusted vendors, automate tedious tasks to drastically reduce errors, expedite turnaround times, and bring consistency to their auction procedures. The company sought a transformation in its debt recovery strategy, aiming to navigate the process seamlessly while avoiding potential risks. Recognizing the need for a reliable partner to create a comprehensive tech-driven solution for the entire recovery process, the company turned to EY.
EY's history of tailoring automation solutions to meet specific business needs solidified its position as the ideal partner for this undertaking.
The better the answer
The multipronged approach introduced automation at various levels to derive cumulative benefits.
Understanding the needs of the company, EY embarked upon a journey to curate a debt recovery solution that would not only simplify vendor selection, but also enhance third-party risk management and carry due diligence for the business.
EY recognized the need for a comprehensive debt recovery solution streamlined the process and also upheld the highest standards of efficiency, security, and compliance. With these goals in mind, EY meticulously curated a multifaceted approach, breaking down their solution into three core areas: vendor onboarding and due diligence, automated notice sending, and an integrated auction platform.
The debt recovery solution was developed with the following objectives:
The solution was divided into three core areas: Vendor onboarding and due diligence, automated notice sending, and integrated auction platform. EY worked closely to understand the potential risks of the NBFC’s association with debt recovery agencies that were not aligned with the company’s ethos. These parameters were then embedded into the solution to flag off dubious third parties right in the initial stages. The idea was to enhance foundational third-party components through three key stages:
The better the world works
A comprehensive end-to-end recovery solution with automation at its core.
The dynamic technology solution developed by EY helped automate the management and disbursal of legal notices thereby strengthening the recovery process. The RPA-based process can generate up to 10,000 notices per hour with customized templates to address different needs as per the recovery stage. It provides real-time status through integration with SMS platforms and India Post, making the process of sending notices faster and more seamless.
Figure 1: Agency/vendor onboarding process:
EY Centralized Bidding Module framework acts as a focal point of information and is shared with participating valuation agencies and auction houses through APIs. The four stages of the CBM framework are:
Figure 2: Centralized Bidding Module framework
Time taken for payment reconciliation before EY’s intervention 15 days and following : EY’s intervention real-time.
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