Rubik, an Australian-based provider of financial technology, will provide a new collections and recoveries system to the Indonesian client, who could not be named as it remained under confidentiality, Rubik chief executive Brent Jackson told InvestorDaily.
“We are pleased to build long-term relationships with new customers, especially when we provide a product which will meet and cater for their projected portfolio growth over the next few years,” Mr Jackson said.
Implementation has already begun, with a go-live date for the system planned for mid 2013.
The bank would replace its current separate technology platforms with the latest version of Rubik’s CWX system, which includes a new integrated, web-based agency management module, managing the collection operations of more than 2,000 staff and 50 third-party agencies in Indonesia.
The CWX system ran on customer-based collections rather than product-based collections, allowing banks to see the complete customer relationship in one spot, Mr Jackson said.
“The CWX system allows you to see all the products used by the customer so you can make a single call to them about all their issues in a single view, thus [communicate] with them more effectively, rather than not understand all the different relationships they have with the organisation,” he said.
In addition, many Australian banking institutions still functioned on product-based collections but were beginning to push towards customer-based systems, Mr Jackson said.
“If you had a credit card and a mortgage with the same bank, they may have two different collections systems making calls to you about the problems with the two accounts.
“Australian banks have very large product-based systems and they’re all trying very hard to move across to customer aggregation in a way that allows them to deal with a customer, rather than a product but they all have different levels of difficulty given their existing systems.”
Rubik was continuing its discussions with banks in the Middle East and Singapore about changing over to newer capabilities.
