Everyday UK businesses are faced with the risk of increased books of debt and slower time to realisation on invoicing. The debt industry is working ever harder to provide the most efficient and cost-effective service to its customers and Lexis Visualfiles continues to stand out in the market in its effectiveness to support this.
Since the Financial Conduct Authority (FCA) assumed responsibility for consumer credit back in 2014, regulation has led to significant changes to the industry structure. This means that many firms have exited the market or were consolidated to lower costs and increase service margins. Those that have survived and thrive do so on the back of technology adoption and increased automation.
In the UK, the level of unsecured debt as a share of household income is now at 30.4% (2019 figures), the highest it reached during the last decade. Collectively, UK citizens owe a total of £72.5 billion on credit cards even when the credit card spending was down the past 3 months due to a huge fall in consumer spending during COVID19, whilst businesses got an advance of £34.1bn by the Bank of England, the highest figure since records began in 1998. This will bring a massive focus on loan repayments and, unfortunately, increased business debt and insolvencies in the upcoming years.
Lexis Visualfiles has out-of-the-box features for debt collection that increase productivity, accuracy and efficiency when processing a legal case. Integrated scanning, e-billing, case tracking, automated bulk importing of matters provide consistency and empower collaboration between teams and departments throughout the life cycle of a debt case from inception to settlement: hitting every single deadline and maintaining high levels of compliance” to be replaced with “Integration with e-scanning, case tracking, and reporting, automated bulk importing, inbuilt calculations and document production provide consistency of delivery and empower collaboration between all parties throughout the debt lifecycle.
Unlike many other case management software systems in the legal market, investing in Lexis Visualfiles gives absolute flexibility to every tech and business system department to modify, control, define and monitor the flow of business processes, creating efficiencies quicker than competitors and responding quicker to market dynamics.
Low risk, high reward software for increased debt recovery effectiveness. Optimise your debt collection today to scale and grow.
What do you get with Lexis® Visualfiles™ for debt collection?
Optimise almost any debt collection process to help you save time and money, use resources more effectively, and provide client service excellence.
Lexis Visualfiles includes all the data and workflows required to deliver a speedy service, including management of activities to support the complete customer debt lifecycle, whether it is bulk managing or single individual claims.
In addition to the comprehensive, out-of-the-box features, many firms use Lexis Visualfiles to add functionality such as case tracking, integrated scanning, e-billing, automated bulk importing of matters, online client reporting and the use of robots to carry out the repetitive elements in a matter.
Keeping up to date with data is a necessary evil in the legal and professional services industries. However, it becomes an inconvenience, if needed to be done daily. Clients pay for the expertise and the speed of the service without thinking of the time it takes to complete one.
With Lexis Visualfiles Robotic Process Automation (RPA) technology you can now automate repetitive tasks, freeing up employees to focus on increasing service levels and personalisation of the service provided. The VisualRobot™ ensures that time to value is accelerated, human error in case and data input is reduced and integration with existing systems is easy. This way, the cost of doing business is reduced, margins are increased, debt recovery timings are reduced - all without having to change the business-as-usual mentality within the office.
Successful debt recovery departments and firms use Lexis® Visualfiles™ for debt recovery and debt collection to increase productivity, improving case start-to-completion in as little time as possible.
“Debt recovery is a mature sector but, in most law firms it has typically been at the back of the queue for technology investments. Following on from the pandemic, today more than ever before, there is a need to provide a responsible service to deliver better quality outcomes and overall service experience to customers and clients. Often, people get into financial difficulties due to circumstances that are beyond their control and so, they mustn’t be penalised unfairly. Lexis Visualfiles is empowering lawyers at Equivo to align service delivery with the firm’s core values, most important of which is to treat people compassionately.”
“With the kind of data that the solution holds, and by applying the right logic, Lexis Visualfiles can do anything you want it to. Our data analytics team has built a commercial litigation scorecard with inputs from multiple sources of information including third-party organisations such as credit bureaus and consumer credit reporting companies. Lexis Visualfiles will automate selection of accounts that are suitable for litigation and then support the entire process, end-to-end to ensure efficiency, productivity and service excellence. We will use the full suite of online reports in Lexis Visualfiles, which alongside our own data systems, will provide us with powerful logic on our business performance.”
