Bank Sohar, Oman has signed up with Polaris Software, a financial technology company, for its Intellect GUB 10.0 Debt Management solution, a debt receivables management product from the Intellect suite, to control receivables and minimise delinquent accounts.
According to Polaris Software, Intellect GUB Debt Management Solution, also known as ‘Intellect Collect’ is a debt collections system that enables banks to design strategies to collect outstandings from their customers and control delinquencies. The product is parameterized and enables creation of campaigns that give necessary throughput in the collection process.
The company said that the system has performance monitoring statistics to aid in the analysis of applied strategies for efficacy and re-calibration, as well as measuring collection agents’ performance.
The Intellect Collect is a single platform product that facilitates customer based collections across multiple products. It can co-exist with legacy systems as well as support the road-map for future modernization. It spans business processes across retail, private and corporate banking, capital markets and asset management, the company said.
Khalfan Rashid Amour Al Taley, DGM of retail banking at Bank Sohar, said: We are committed to create the finest financial products to serve our customers through a one-stop financial super mall. We were looking for a technology partner who could deliver us benefits of the domain, the latest in technology and the experience of multiple implementations in the markets we operate.
“We chose the route of leveraging a fully built application that closely resembles our needs rather than the traditional ‘requirements gathering’ approach. Polaris’ Intellect Collect solution met our requirements and its short implementation cycle and faster ROI makes it a compelling choice.
