An application using Blockchain Revolutionize Banking to track the debt recovery life cycle
Debt recovery is one of the biggest challenges faced by many financial organizations around the world. As it involves a number of manual intervention making it a long and tedious process. Even though the organizations are equipped with a different set of tools, they are striving hard to maximize their debt collection process and performance.
But there are ways to make this process as efficient and effective as possible. Blockchain, one the popular buzzword in recent years. With this, we can easily skip the complicated transaction process and makes the whole debt recovery life cycle easier than ever.
We at Smackcoders implemented the same for one of our Australian clients who wanted to make their debt recovery a breeze.
The app was built based on blockchain technology. It includes a central server which acts as the frontend(designed in Laravel) and an intermediary between the bank and collection agencies. The central server maintains complete information about the list of different collection agencies(Master agents), collection agents and towing agents in the blockchain.
Once we received the list of debt recovery customer details from the bank, it will be added to the central server. Then the admin will analyze those customer details and assign them to the desired agent based on their own individual ratings. This avoids some intermediaries like contacting the collection agency and thereby increases the processing speed.
Once assigned, the central server automatically notifies both the agency and the agent. Now the agent will communicate with the customer and enter the desired details in the central server. Once the agent’s work got completed it will be reassigned back to the admin. But here arise two different scenarios:
If it is successful, the deal will be closed. In case of unsuccessful recovery, the admin will assign it to a towing agent. The selection of a towing agent is the same as that of collection agent selection. On final confirmation from the towing agent, debt recovery lifecycle will come to an end.
In blockchain terms each towing agent, collection agent and the collection agency is considered as a peer. Every peer has a unique key to access their own information. And we have used Smart Contracts to maintain privacy. When a task is assigned to an agent it will be visible only to the agent and desired agency. The other agents within the same agency and other agencies and agent will no longer know about it.
We are proud to say that we now have a fully functional debt recovery app to make the debt recovery lifecycle easier, faster and more efficient one.
Choose your convenient time, schedule a meeting with our experts and tell us your ideas. We will help you to get implemented.