Following this announcement, the companies will focus on providing customers and clients with the possibility to access cloud-native solutions that were developed in order to deliver benefits and optimisation to banks and their members.
The partnership comes as banks and financial institutions are currently under pressure with rising levels of customer debt, as well as tighter regulations and slow overall digital transformation, these challenges resulting in inadequate optimisation and poor client experience. In addition, those also are running on legacy technology, including debt management systems, costly and inefficient processes, or face labour-intensive.
Both Flexys and Thought Machine are expected to prioritise their strategy to provide financial institutions with the opportunity to securely and efficiently develop their debt management operation, while also modernizing their technology by replacing their overall core systems. At the same time, the companies will focus on meeting the needs, preferences, and demands of their users, while also remaining compliant with the laws and requirements of the local industry.
In addition, banks and financial institutions will be enabled to benefit from a secure cloud-native system that gives them the possibility to develop without the legacy systems that were needed before. In addition, the service will allow them to improve efficiency, minimise friction, and optimise the overall experience of clients in arrears.
As global economic factors can affect financial security and affordability, the partnership focuses on enabling banks to offer timely, personalised, and responsive solutions in order to optimise the manner in which customers reach an appropriate and sustainable resolution to their debt development. Furthermore, financial institutions will be enabled to realise their digital development and modernisation goals, benefiting from the removal of unnecessary challenges and human errors.
Flexys Control+ was developed as a debt collection product that maximises the overall benefits of real-time streaming, digital engagement, as well as smart automation processes. The product will be delivered in order to provide clients with more control over their collection’s operation, as well as the possibility to modernise their approach and deliver improved solutions to individuals in debt. Enterprise customers that are part of the banking and financial services will include TSB, Virgin Money, Admiral Money, MotoNovo Finance, and Plata Finance.
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