Services
Our Services
We believe that if people are treated professionally, they will remain loyal customers. With our sophisticated credit research and investigative techniques, we can effectively detail a debtor’s financial condition to give us insight into the best method to collect on the account. Once this is outlined, we are in the best position to advise you on the progress made to get the money in hand. Read More
Top Services
We are here to improve your cash flow by increasing efficiency in relationship management. We help you cultivate and retain positive working relationships with your customers by providing non-contentious solutions through our amicable debt collection services. We are your strategic partner in B2B accounts receivable collection and are ready to support you at any stage. Read More
We are there to improve your cash flow with an increased efficiency in relationship management. We help you to cultivate and retain positive working relationships with your customers by providing non contentious solutions through our amicable debt collection services.
We are your strategic partner in B2B account receivable collection and ready to support you at any stage.
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In the current global pandemic crisis, First Solution has contributed significantly with a strategy focused on 3 main factors supporting businesses.
1. Assess Financial Risk
Assembling a core financial risk management team is the first step: In this First Solution collaborates with the business to manage the company's liquidity risk during this ongoing outbreak.
It will work as the CFO team leader along supporting functions set across treasury, credit, legal, business development, and financial analysts. Our analytics wing implements data modelling and forecasting of cash flow, profit and loss and balance sheet of different business scenarios which are tailored to the company's current financial circumstances. First Solution conducts rapid assessments of liquidity risk to ensure success by forecasting and planning payment overcoming obstacles such as:
- Delay Payments
- Default on payments
- Demand to extended payment terms
- Effect of Covid 19
2. Maximize cash flow with accounts receivables
Amongst the levers where businesses could improve their cash flow, account receivables are often the most challenging. This is mainly because of the fact that there is no control of the customers' payment behavior. By using analytics to categorize customers, First Solution have implemented statistical modelling uncovering deep dive insights into a customer's journey from its birth and connecting performance evaluation against this score.
Our dedicated Relationship Managers will work with your business to:
- Ensure the accuracy of master data
- Offer payment methods that are easy
- Negotiating payment terms with customers
- Understand what could be collected TODAY
- Offer short term relief in exchange for prompt payments
3. Prioritize speed and collaboration
The speed in which COVID 19 has spread continues to effect businesses and economies globally. To survive one most respond timely and efficiently to the financial risks and uncertainties that COVID 19 has created. First Solution has inculcated the decision science approach along with quantitative modeling to break the problem into a feasible win-win solution. By using a three phase approach compiled of analysis, identification of cash flow risks and prioritizing execution, speed becomes the biggest differentiator to achieve sustainability of the business.
We are the perfect strategic partner to provide:
- Collection adaptation approaches against the development of the
pandemic - Augmented internal efforts to collect outstanding account receivables
- Mitigate account receivable issues and disputes
- Aid the execution of companies' contingency plans to minimize cash
flow risks - Planned managed accounts receivable post pandemic
Our expertise in debt collections has helped a broad range of clients recover debts owed to them using fair debt collection practices. Read More
Our execution strategy incorporates proven methods, qualified personnel, and a highly responsive approach to managing deliverables. Read More
Current market situations and rapid spikes in bucket flows are creating a challenge to reduce losses and streamline or reduce the costs brought on Read More
Our recovery efforts start when Collections is not able to collect the EMI balance from a customer within a specified time period or when Collections is unable to motivate the customer for payment. Read More
Our expertise in debt collections has helped a broad range of clients recover debts owed to them using fair debt collection practices. We have a perfect mix of talent and technology to improve your servicing and strengthen your customer service efforts. Regardless of the age or stage of your delinquent account, First Solution has the expertise, tolls, technology and personnel to connect with Right Party Contacts, negotiate and collect payments consistently every month.
Our execution strategy incorporates proven methods, qualified personnel, and a highly responsive approach to managing deliverables. We are the first debt company in the MENA region to leverage Artificial Intelligence and Big Data which has helped us re-imagine default management and the customer experience exponentially. We not only remind customers to pay and standardize their accounts but have also tightened the bridge between clients and their end-customers.
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We believe that skillful handling of customers is a key factor for a swift and successful recovery rate, therefore we have invested heavily in this area. Unlike other external agencies who fail to build a strong relationship with the customers, we adhere to a "Collection is Selling" approach and have identified key areas that cause high delinquency rates along with proprietary strategies to deal with this.
We use historical data from our customer interactions and their relevant payment patterns to gather an accurate view of varying situations. This allows us to easily pre-empt potential instances of default and initiate action before it actually occurs.
We rely on Big Data and Machine Learning gathering pertinent information to ensure that the right parties are contacted at the optimal time. These "bots" combine Machine Learning and natural language processing technologies to identify every customer digital interaction and financial difficulty. For example, a particular customer's past interaction where they had reported a sudden fall in income could mean they have suffered a job loss based on an analysis of their digital activity. We can therefore proactively reach out to the customer for credit counselling support and help the customer adapt to their new financial situation by prioritizing financial solutions. Preemptive interactions like these allow us to play an important role in building and sustaining customer loyalty.
Current market situations and rapid spikes in bucket flows are creating a challenge to reduce losses and streamline or reduce the costs brought on by higher operating models with high no-contact ratios, poor loan quality, larger infrastructures and ineffective debt collection strategies.
Key to First Solution cost-efficient debt collection processes are:
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- Best-dialer Campaign Management Strategies
- Proactive and Structured Approach
- Advanced & Required Dialing Technology
- AI-pioneered Collection Process
- Experienced Professionals Employees
- Predictive Auto-dialing Modes (amounting to least dropped calls per agent or campaign and managed by high ACR)
- Strong Collection Strategies (minimized buildup receivables)
Our recovery efforts start when Collections is not able to collect the EMI balance from a customer within a specified time period or when Collections unable to motivate the customer for payment.
- Our highly professional recovery team is experienced in collecting money from customer accounts that have been written-off. They do this with a view to minimizing Impairments by adopting standardized policies and procedures
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- Our team is also adept at forecasting recoveries and monitoring market trends along with other external variables that can influence the influx of money from written-off accounts
- Our Recovery Team (RT) re-establishes contact with the debtor and persuades them to clear their obligation using a mix of emotional intelligence and experienced restructuring options
- Our team is also responsible for updating the system with all information gathered from customer communication
We work on the following key fundamental objectives:
- Locate
- Contact
- Negotiate
- Sell
Recovery agents utilize four key points (TRAP) in their pre-call planning:
- Target
- Research
- Attraction
- Plan
All these processes rely on machine-learning and automated algorithms that evaluate the raw data to reveal trends and metrics. We can develop an algorithm to directly predict the eventual collection outcome at any point in time.
Based on historical data and quantitative modeling, our algorithms estimate the value of calling the customer by predicting the likelihood of a change in repayment with or without making additional phone calls from their current state. “Decision Science” technology then helps us to contact those customers where the value of calling is highest.
The success of our company has largely been attributed to this use of cutting-edge technology. We have built a strategy around the following four cornerstones:
- Big Data analytics
- Predictive Analytics
- Machine Learning
- Artificial Intelligence
As an offshoring/outsourcing company, First Solution offers a cost-effective alternative for pricey, laborious, and slow processes like “skip tracing,” which can be costly and labour-intensive if executed in the US. Our worldwide offices offer cost-effective results.
At First Solution, we know that our clients have different reasons for their accounts to become skips. Read More
As an offshoring/outsourcing company, First Solution offers a cost-effective alternative for pricey, laborious and slow processes like "skip tracing" which can be and labor if it is executed in the US. worldwide offices offer cost-effective results.
At First Solution, we know our clients have different reasons for their accounts to become skip. Sometimes it is a job change, a modified contact number due to temporary financial hardship, or customer misinformation from the client.
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With the proper tools, strategies and focus, any account can be traced unless someone has left the country and the account has truly been marked as skip. We have a variety of software tools and over a decade of specialized skills honed by our experienced staff to skip trace your customers. We can rapidly increase your contactable portfolio to avoid losing more money, now.
Our meticulous datamining system analyzes data from different perspectives and summarizes it into information which can be used to increase revenue and cut costs. We are proud pioneers of this new way of processing skip tracing and gathering data using state-of-the-art technological tools which replaces the more widely used tedious process of organizing data intuitively linking a person's thought process.
Data represents facts and without the proper context for collecting and the interpreting the data, it can be rendered meaningless. We consider ourselves custodians of data management and take care in using this to interpret human behavior.
Leave it to First Solution to find your debtors.
Other Services
Training
First Solution provides top-tier training services to professionals in the debt collections industry. We demonstrate the modus operandi of effective debt collections and the various rebuttals associated with the negotiation process. From fundamental basics to advanced training in collections strategies and support measures, Read More
