iState Systems, the leading creator of smartphone applications for financial services businesses, has this week launched new functionality on its Apprivo system – specifically geared towards collections.
Following the launch of iState’s highly successful mortgage application last year, the new Apprivo application is geared towards everyone who has any involvement in collections: lenders, asset managers or specialist collection firms.
The new ‘app’ enables people involved in collections to interact with the borrower via their mobile phone, it gives the borrower a lot more control over the process, as this very transparent system will flag up any arrears to the client early on, letting them know when they have missed a payment, when they need to make the next one and what the implications are of not doing so. It also enables the lender or collections agency to send reminders in a way that is less personal but also more approachable than a letter.
Where there is a set deadline to pay back the amount owing, this will be flagged up to the client on their mobile phone and Apprivo will also enable them to complete the payment of the balance outstanding. Alerts and notifications will be generated to alert the customer to a change in account status or for actions required of them.
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The borrower can also send through information and documentation purely by taking a photo of the document on their mobile phone and submitting it. The document then goes directly into the lender or collection agency’s system – no post opening or scanning required.
The Apprivo system is designed to make the collections process more interactive, to involve the borrower more, make it easier for them to pay the amounts owed and therefore recovering higher proportion of the money owed.
Barry Yager, joint founder and director of iState Systems says, “Apprivo collections have been designed to make the collections process simpler and more successful. It will speed up the time it takes for collections agents to communicate with the borrower and to gather payment. It will also speed up processing time and save cost as it eliminates the need for manual letters to be sent in the post and the wait from the consumer.”
For further information please contact Debbie Staveley, director, bClear Communication on:
0771 896 8434 (m), 01275 542511 (t) or by email at: [email protected]
Notes to Editors
About iState Systems
iStateSystems was started by Barry Yager and Nelson Wootton, Barry who has already successfully grown and sold two companies. iState Systems first product is Apprivo. Launched in April 2012, Apprivo is a unique smartphone application for financial services businesses.
• Apprivo enables customers to access up-to-date accounts and product information; send outstanding information and documents to enable a transaction to take place, or transfer money from one account to another – all from their phone.
• Apprivo will increase the effectiveness of the lender’s interaction with both consumers and intermediaries, leading to improved retention rates and revenue opportunities.
• Apprivo enables the client to participate in the process itself, it helps clients to take control and reduces the time needed for processing staff.
• Apprivo helps with cross selling as the lender or building society is in continuous electronic contact with the client; it can therefore help to inspire the client with new products by providing the right product information to the right client at the right time
About Barry Yager
Barry has already successfully grown and sold two IT solutions focused companies:
The most recent was SDS Applications, one of the first suppliers to introduce the use of the Internet in mortgage and lending systems. These ideas are now commonplace but SDS was among the pioneers in this area. The growth and innovation of the company led to its sale to BancTec in 2005, where Barry still works as a consultant.
The first company Barry grew and sold was Chess Valley Computers Ltd. Barry developed CVC from a small software house into a position of market strength, resulting in the successful sale to Lynx Financial Systems in 1994. CVC was one of the early adopters and developers of workflow tools and pioneered its practical use in mortgage processing. After the sale Barry continued to work at Lynx and was instrumental in the rapid growth of Lynx’ customer base, winning new, multi-million pound orders and helping the business expand into new areas.
About Nelson Wootton
Nelson Wootton is an entrepreneur with a background in business technology. He started his first company aged 18 and sold it as a going concern three years later. Since then he has founded and sold companies in the music industry as well as the retail and technology sectors.
In addition to iState Systems Nelson currently manages two companies: Bike Devil, an online business offering insurance and breakdown services to motorcyclists; and Lyfthelm, a company I founded to build mobile e-business applications for bluechip customers.