NPAs also known as Non-performing assets can become a burden over-time if they are not kept a track of and proper actions aren’t taken at the correct time. And there is no financial institution or bank which doesn’t have any NPAs, that is something which isn’t possible, and so it is essential for these financial institutions to be equipped with legal recovery solutions so that they can take correct measures.
Finacus, a pioneer in online banking solutions, has its own legal recovery solution FinLEGAL. This solution makes it easy to monitor and track the various non-performing assets, and helps to take necessary steps so as to minimize the damage that can otherwise be caused to the financial institutions if the NPAs aren’t taken care of. This product is not only automated and work-flow driven, but also allows you to schedule alerts through email and/or messages. It also monitors the loan accounts, and provides you constant follow up reminders to ensure that timely action is being taken place so as to ensure that a loan account doesn’t convert into a NPA.
As soon as various NPAs are accumulated with financial institutions it starts to affect their regular operations, as they are required to adjust the amount that has been deposited against the various pending dues. Thus banks end up spending a lot of their resources in trying to recover from these dues, rather than being able to focus on new operations, thus having an impact on the overall profits of the bank in the long run.
Some of the features of FinLEGAL, which make it as the ideal legal recovery solution for your financial institution are as follows:
1. Robust System: It is a complete end to end solution with MIS already integrated on set parameters. In addition to that, it enhances your present system with aspects to monitor and follow up of various borrower accounts.
2. Multiple Operations: With this one solution you can easily set up the procedure at the brank and recovery department so as to initiate the recovery action. You can also easily carry out operations such as filing suits/cases, generation of recovery certificates, keep a track of appeals and applications of various borrowers, manage settlements, adjust the sale proceeds of collateral securities and much more.
3. Intuitive: FinLEGAL ensures that the standard accounts don’t fall in the category of NPAs, by using effective methods to monitors, and also maintaining the quality of various loan assets at any given point of time. It also is prompt in identifying a degraded non-performing asset, and suggesting various tools which can be used for recovery.
4. Easy maintenance of records: This legal recovery solution also allows the user department to keep a record of details of the various actions taking place at regular intervals by the NPA accounts. The user department can also record its own observations along with the branch actions.
To know more about how you can use FinLEGAL to your advantage, and ensure that your financial institution manages all its NPAs on time, get in touch with the experts at Finacus today.