DALLAS – The collections and recovery system developed by Affiliated Computer Services Inc. (ACS) has been a breakthrough for the Bank of Oklahoma (BOK) in managing delinquent consumer loans.
ACS, a provider of business process outsourcing and information technology solutions, began supporting the Bank of Oklahoma as an application service provider in 2007. Working closely with BOK management, ACS' Consumer Financial Solutions team customized its state-of-the-art collections and recovery platform to replace a legacy, mainframe software application and a process that included manual and labor-intensive functions for BOK.
"ACS has significantly elevated our collection and recovery capabilities by providing us with a comprehensive and automated solution that enables us to maximize recovery on delinquent accounts," said Kurt Lettow, senior vice president of Bank of Oklahoma. "ACS collections and customer service system allows us to automate fees and accrue interest on recovery loans, while delivering other powerful capabilities such as multiple queues per loan and automation on dynamic queue movement. Our collections capabilities have become much more robust, our operating expenses are reduced, and we are thoroughly impressed with ACS."
ACS implemented its integrated system in a successful conversion that promptly enabled BOK to set up, prioritize, and assign delinquent accounts for collection with ease. Unlimited queuing is inherent in the system's collections functionality, as is automated letter generation.
An intuitive user interface allows all borrower information to be viewed on one screen for easy access to specific customer accounts. Both the collections and customer service back-office functions are fully automated to provide convenient information access across distinct environments.
ACS backs up all its technology with industry-leading expertise and a technical team that provides around-the-clock support to Bank of Oklahoma.
"Our success supporting BOK with this comprehensive, state-of-the-art system is an excellent launching pad for our continued growth as an ASP for the financial services industry," said Nancy McDonald, senior vice president of ACS Consumer Financial Solutions. "The fact that we have developed and fine-tuned our collections and recovery platform within the financial services arena has prepared us to deliver superior capability and support for financial institutions. This solution is poised to become a leading choice for financial institutions' collections and recovery efforts."