REVENUE ENHANCEMENT
There are many pitfalls that face the enterprise when looking to enhance existing revenue streams. The task is often complex involving numerous departments, business disciplines and technology.
Interfile has formidable experience in this area, as leaders in enterprise financial services our holistic methodology and strategic use of automation, integration, data normalisation and process engineering targets key areas of collection and reconciliation.
Embarking on a modernisation is framed by key, field proven, philosophical pillars:
~ Process efficiencies
~ High fidelity data
~ Risk processing
~ Self-service
~ Effective ethical screens
~ Increase collection
~ Gated fraud prevention
~ Measurable service delivery
~ Targeted audit and enforcement
~ Actionable business intelligence
Process efficiencies
Process Efficiencies are the (measurable) ability to avoid wasting materials, energy, efforts, money and time in doing something or in producing a desired result. In a more general sense, it is the ability to do things well, successfully, and without waste.
Efficiencies gained in revenue enhancement play a critical role to success:
~ Is it easy for my customers to pay me?
~ Are staff overburdened with excessive administration when completing a transaction?
~ Do back-office processes slow down service delivery; are they cost-effective?
Interfile specialises in identifying these area’s and apply our re-engineering and technology whilst leveraging initial investment of enterprise assets. With minimised intervention, it is possible to introduce considerable efficiencies which result in:
~ Increased collection
~ Faster turnaround times
~ Decreased fraud
~ Considerably less manual intervention
High fidelity data
Rapid turnaround and efficient delivery are built on a platform of accurate and constantly updated client and CRM data. Outdated ideology regarding data cleansing projects have been shown to be costly and ineffective. This simply because data is dynamic, particularly CRM data, people move house, change jobs, change mobile operator, etc. When designing technology solutions, it is paramount to make it simple for a user to update and manage their profile in a secure self-service manner that supports the risk objectives of the enterprise but still delivers a simple process to the customer.
Interfile’s technology delivers on this in a deliberate and effective way. Our demographic tooling allows customers to:
~ Target users for information update on all channel platforms
~ Flag users to whom information updates have failed (invalid email, phone no, etc.)
~ Segment users by enterprise category and allow campaigning per category
Catering for the dynamic nature of this area can clean a data set from very low category matches to within 5/10 % of the total user base within a year of operations.
Risk processing
Having a light carbon footprint and still being able to meet statutory or risk-resistant requirements is a difficult trade-off for any enterprise. Typically reducing the burden of supporting information or validation documents is an excellent place to start to begin moving towards automated risk processing when dealing with monetary or other financially related transactions. Flagging transactions that require further processing and allowing legitimate commerce to flow seamlessly is a specialty on the Interfile platform, its’ related technologies and our consulting business.
Interfile is responsible for some of the most mission-critical, risk-sensitive processing of artifacts and data. This includes Banking, Customs and border control, and other third-party data validation which supplement and co-ordinate automated risk processing.
Self-service
Allowing customers access and control over their account provides for considerable cost saving to the enterprise whilst providing higher customer satisfaction and convenience. The best service is “no service” or in this case self-service. Being able to change transaction information, originating accounts, personal information or simply changing service delivery options without having to talk to a customer representative to action or monitor progress, is one of the most powerful revenue enhancement tools available in the automation disciplines.
Interfile’s opti-channel digital reach offers self-service across the channels of the customers’ choosing, allowing a transaction to start on one channel and be completed on another with a “single view” of the customer for both the enterprise and the client, provides a best in class self-service platform promoting customer retention and expansion of digital services.
Effective ethical screens
Not everyone is authorised to see or monitor transaction progress from origination to fulfillment. Our platform provides capability to process and complete transactions in the back office without having to have privileged administration rights. Our Digital administration tree and user rights technologies allow the enterprise and corporate users to grant and revoke access to all or some areas of the platform without compromising sensitive transactional history or remittance advice.
We have delivered physical, over-the-counter revenue collection environments which control and support branch processing with blind, double-blind and centralised cash processing. National claims processing with screens between originators, assessors and paymasters as well as corporate third party access which allows for view, edit and payment rights for individuals within the hierarchy.
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