Financial Services Firm Uses Rimilia Cash and Rimilia Collect to Gain Competitive Advantage

This financial services company is one of the leading providers of innovative financial solutions for retail, motor, business, and consumers.

This financial services company was challenged with slow processing times and they were unable to access customer information quickly. In addition, cash application was an arduous task that required time and a lot of manual effort.

Ultimately, the client was seeking ways to automate cash application and credit collections so they could better serve their customers.

The client chose Rimilia Cash and Rimilia Collect to automate and improve their finance processes. This financial services firm saw immediate results with Rimilia Cash and Rimilia Collect.

With the Rimilia Cash solution, they were able to apply cash more quickly and accurately. In turn, they became more efficient and improved customer service.

They also achieved:
● Time savings, since they no longer chased unapplied payments
● An increase in capital, which they could lend to customers or potential customers
● Improved customer service, since payments were processed more quickly
● Greater focus on value-added tasks
● Compliance with anti-money laundering regulations

This client now has a real-time picture of incoming cash and outstanding customer balances by utilizing both Rimilia Cash and Rimilia Collect.

This enables the team to:
● Resolve issues faster, since they have more productive conversations with customers on outstanding balances.
● Pursue payments more efficiently, since more communications are automated.
● See all vital customer information in real time, such as new payments, remittances received in advance, previous conversation history, and any automated communications.
● Eliminate the use of multiple systems, since they have a central view of all customer data, payment performance, and credit risk data on one screen.
● Forecast customer payments and behavior through the use of Artificial Intelligence (AI).

They are now using the latest in AI forecasting to predict when their customers will pay.

This results in:
● An increase in the amount of cash collected per call
● A reduction in 60 -120 debt aging and DSO
● Intelligent automation of dunning and collection strategies
● Accurate cash flow forecasting using real-time dashboard reports

“Rimilia’s innovative technology rapidly set us apart from our competition and is proving to be a genuine differentiator in a highly-competitive market. We’ve not only improved our customer service, but we’ve also increased collections performance and freed up significant capital to lend to our customers.”