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First Citizens Bank Of Trinidad And Tobago Deploys FIS’ Default Manager Solution For Automated Workflows And Real-time Data Capability

Stocks in this article: FIS

FIS™ (NYSE: FIS), the world’s largest provider of banking and payments technology, today announced that First Citizens Bank, one of the leading financial services groups in Trinidad and Tobago, deployed FIS’ Default Manager solution across its entire retail branch network to greatly enhance the bank’s collections processes and results. This is the first deployment of FIS’ Default Manager in Latin America.

The largest division of First Citizens Group, First Citizens Bank manages an extensive retail branch network in Trinidad and Tobago – including services extending to other Caribbean islands – and manages one of the largest ATM and point-of-sale networks in the region.

Like many large retail banks, default management is rapidly transitioning from a back-office function to the front line of the bank’s personal and business finance operations. Integrated into First Citizens’ existing FIS Profile ® core banking system, FIS Default Manager automates all aspects of First Citizens’ collections processes, such as mortgage, automotive and credit cards. The solution spans the entire default lifecycle, improving the bank’s existing default workflows by reducing manual processes and introducing automated work queues and assignments, letter generation and enhanced management reporting. The solution’s rules-based workflow enables the bank to focus on higher risk accounts such as those with persistent default histories or vulnerable customers.

Deploying Default Manager provides First Citizens with an automated solution that enhances its collectors’ performance – specifically, providing collectors with a holistic, real-time view of customer relationship data. Collectors will improve the accuracy of collections, manage “promise to pays” more effectively and improve client relationships for collection situations. Default Manager will also provide collectors and management with real-time performance metrics to monitor performance.

“Default Manager has helped us work more accounts per collector in a given day, reduce errors and effectively manage all aspects of our collection business. We have been able to streamline work flows and present collectors with the correct information to help them work with our customers more effectively and efficiently,” said Warren Sookdar, chief information officer, First Citizens Bank. “Integrating Default Manger with our core banking system has helped to give us a holistic view of our customers and improved the way we help them manage their debt.”

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