HighRadius Credit Cloud replaces a paper-intensive credit management process with an electronic one to enable better credit portfolio and risk management and to quickly onboard new customers. A cloud-based credit management solution available in Software-as-a-Service(SaaS) Model, Credit Cloud is easy and cost-effective to deploy and maintain.
HighRadius Credit Cloud automates the credit management process, enabling credit managers to make quicker and more accurate decisions. This is done with four primary components, a configurable online credit application, data aggregation engine, collaborative workflow, and electronic storage and retrieval. Moving applications online simplify the distribution process and eliminate omitted or incorrectly entered customer data. Backup data and decision inputs are automatically gathered and made readily available to review the application and during periodic reviews. A collaboration platform drives efficient approval hierarchies and customer/internal notifications about credit decisions. Finally, file cabinets full of paper are eliminated, making retrieval easier and storage less expensive. The result is faster customer onboarding, better internal collaboration, higher customer satisfaction, more targeted periodic reviews, and lower credit risk across the company’s customer portfolio.
- Configurable web-based application streamlines the distribution and receipt of new credit applications and eliminates incomplete customer submissions.
- Credit data aggregation engine collects credit reports from leading agencies (D&B, Experian, etc.) and financial service portals (Google, Yahoo, etc.), eliminating the need to manually download information.
- Collaborative review workflow standardises review processes and enables cross-departmental collaboration between sales, credit, and supporting teams via automatic application routing while providing a full audit trail.
- Predictive Risk Scoring Model identifies ‘at-risk’ customers to enable optimisation of credit portfolio.
- Role-based visibility and security limits access to sensitive information based on job requirements.
- Searchable electronic repository stores credit files for easy retrieval.
- Reduce customer on-boarding cycle time by up to 90%.
- Enable better audit compliance with a complete record of all activities between the customer, credit department, and sales department.
- Increase credit analyst productivity by 30% allowing for greater application scrutiny.
- Reduce bad-debt with proactive, automated alerts that provide daily monitoring of customer status changes.
- Maximise sales by proactively extending credit limits where applicable, including on dormant accounts.