Epic Lanka collaborates with Avonet to build next-gen Delinquency Management System


Sri Lanka’s premier Fintech conglomerate Epic Lanka announced that it has partnered with Avonet Technologies to offer its ground-breaking Epic Affiniti Delinquency Management System (Epic Affiniti DMS) to enable banks, insurance companies, financial institutions, and telecommunication companies (Telcos) both locally and globally to efficiently manage their overall recovery and collection operation of all credit facilities.

The strategic collaboration between Epic and Avonet enables both organisations to boost their research and development capabilities in the Fintech space where Avonet will be able to further leverage Epic’s domain expertise in Fintech, Telco, and insurance garnered over two decades. Furthermore, both companies look to develop Epic Affiniti DMS to be a globally sought-after Delinquency Management System, strengthening its presence in some of the key international markets over the next few years. Additionally, Epic Lanka plans to utilise its superior product implementation expertise to provide the best customer support locally as well as globally.

Epic’s cutting-edge collections and recovery software platform will help banks, financial institutions, Telcos, and insurance companies to achieve higher efficiency, effectiveness, and compliance across all products for both first and third-party collections. With the ability to link it to all credit facilities including credit cards, it will also help to streamline the recovery and credit management processes of organisations with the help of state-of-the-art technologies.

During the first wave of the pandemic, many consumer-centric institutions such as banks, insurance companies and telecommunication companies offered several relief packages, moratoriums, and concessions for customers who were looking for financial assistance. As economies are being further hit by the third wave of COVID, these organisations are facing increased challenges in recovering these facilities. To top it all, existing tech infrastructure within these institutions, with so many siloed systems, have made it impossible to monitor and recover these debts using a single platform.

A comprehensively tested solution with the ability to integrate into the core banking system or any other backend platform, Epic Affiniti DMS in such a context embeds several key features to proactively manage the end-to-end collection and recovery management lifecycle with the enablement of technology.

Epic Affiniti DMS can proactively identify credit facilities that need immediate attention. This includes tracking all recoveries with automatic notifications, assigning recovery functions to appropriate staff members, and following up on promises to pay that lead to favourable age bucket movements. It covers the entire end-to-end process of loan recoveries from identification, prioritisation, notifications, assigning, litigation, and auctioning.

With these features in place, the Epic Affiniti DMS can help companies to maintain healthy portfolios as it helps to automatically identify facilities with a high probability to go bad. The solution can be customised to meet the specific demands and unique processes of the organisation.

Epic Lanka Managing Director/CEO Viraj Mudalige said, “One of the key components in an enterprise is the collection of outstanding loans and debts. This is by far one of the most challenging jobs faced by banks, insurance companies and Telcos. For instance, the increase of non-performing loans will affect banks globally, threatening stability, credit ratings, investor confidence, and regulatory compliances. With the added pressure of post-COVID debt collections, these organisations need a streamlined system to monitor and collect all outstanding debts. The Epic Affiniti Delinquency Management System fully automates every aspect of the recovery operation by injecting unparalleled scalability, security, and transparency into the entire process workflow.”

Mudalige further added, “With Epic Affiniti DMS, we will be in an exceptional position with an expanded and enhanced set of collection and recovery capabilities that we will utilise to improve the results and make the platform easily available to banks and financial institutions for use in their delinquency management efforts. Whether it is a mortgage, a car loan, a personal loan, or an outstanding credit card loan, Epic Affiniti DMS can seamlessly track and manage them all.”

To enable organisations when business resilience has become the number one priority, Epic uses modern technologies such as Artificial Intelligence (AI) and Robotic Process Automation (RPA) within its Delinquency Management System. The inbuilt RPA engine proactively follows up on all the dues in an organisation and empowers staff to increase efficiency, reduce processing time and increase cost efficiencies.

The RPA engine also generates leads and effectively assigns them to appropriate recovery officers, thereby saving their time on manual tasks. Furthermore, ‘Engagement Intelligence’—an algorithm powered by machine learning—will enhance the productivity of the call centre and recovery officers by prioritising the follow-up lists based on the past engagement behaviour of clients.

“Handling collection and recovery activities are becoming intricate and challenging, especially as we navigate through a business environment impacted by a pandemic resulting in increased delinquencies. The innovative features are what makes the Epic Affiniti Delinquency Management System stand out from all the legacy delinquency management platforms which are available in the market today,” said Avonet Director/Chief Operating Officer Thilina Kumarapathirana.

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Epic Lanka