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lexop for financial insititutions

LEXOP FOR FINANCIAL INSTITUTIONS

Scale your collection process and improve your bottom line with Lexop.

In the competitive world of finance, efficient past-due account management is crucial. At Lexop, we've developed a digital platform to revolutionize collections, reducing operational costs and streamlining processes. Our software enhances efficiency for faster payment recovery, allowing your institution to maximize its resources. We also prioritize customer empowerment, offering self-service options that not only ease administrative burdens but also build trust. The result? A boost in financial performance and enduring customer relationships, all with Lexop's seamless, transparent approach. 

LEXOP FOR FINANCIAL INSTITUTIONS

The Smart Choice for Your Bottom Line and Customer Relationships

Lexop's digital collection solution offers the perfect balance of financial impact and enhanced customer experience. Our platform streamlines collections, reducing the need for an overextended Allowance for Bad Debt, shortening Days Sales Outstanding, and optimizing operational efficiency. What's more, we transform collections into a revenue-generating function while keeping the customer at the heart of the process, ensuring a smoother and more positive past-due experience.

Make the strategic choice that not only strengthens your financial institution's bottom line but also strengthens customer relationships for a prosperous future.

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Why Choose Lexop?

With our digital collection solution, your financial institution can benefit from: 

  • Allowance for Bad Debt Reduction
  • DSO Improvement
  • Revenue-Generating Collections
  • Enhanced Customer Experience
  • Improved Operational Efficiency

Minimizing Bad Debt Impact

Lexop's digital collection solution empowers your institution to significantly reduce the need for allocating resources to the Allowance for Bad Debt. Automated digital reminders and self-service payment options enhance recovery rates, ultimately reducing the number of accounts that become uncollectible. This translates into a more efficient use of capital, optimizing capital allocation, and improving financial health. Additionally, it fosters a more favorable customer experience by reducing the number of members who face prolonged debt-related challenges.

Accelerating DSO Reduction

Lexop's data-driven insights enable you to proactively address overdue accounts, leading to a notable reduction in DSO. This not only improves your institution's cash flow but also enhances liquidity, providing more financial flexibility. A reduced DSO also ensures that customers experience smoother financial interactions, as they are less likely to be burdened by overdue bills and collections efforts.

Boosting Revenue Potential

Lexop's solution takes collections to a new level by optimizing collection rates to a point where they not only cover the cost of the software but also generate a significant profit for the function. Through data-driven insights and streamlined processes, we ensure efficient recovery, creating a more robust financial foundation for your institution while enhancing the customer experience.

Customer-Centric Solutions

Lexop's digital collection solution offers a human-centric approach, ensuring that the customer experience remains positive throughout the collections process. Automated digital reminders and self-service payment options offer customers convenient and flexible ways to address overdue accounts, reducing friction in the past-due journey. This, in turn, strengthens customer relationships and overall satisfaction.

Optimizing Operational Performance

The automation and self-service capabilities of Lexop's solution enhance the efficiency of your collections strategy. This leads to quicker resolution of issues, reduces the need for intrusive collections calls, and provides a smoother, less disruptive experience for your customers.
  • Payment Arrangements
  • Payment Processing
  • SMS and Email Reminders
  • Lower Cost of Loan Servicing
  • Certified Proof of Delivery
  • White-Labeling
  • Custom Branding: Logos, Colors, Images
  • Employee Resource & Training Center
  • Dedicated Account Manager
  • SOC 2 Compliant
  • Simple, Low-Tech Implementation
  • API Integration
FairstoneLogoBIL_RGB

Fairstone Bank and its subsidiary, Fairstone Financial Inc. (“Fairstone”), form a leading consumer lending group.  Collectively, they offer credit cards and rewards programs, point-of-sale financing through merchant partners, automobile financing via dealerships, and unsecured and secured personal loans and mortgages online and in 250 Fairstone branches coast to coast. 

 

Success Story

Fairstone wanted a modern, efficient, and less intrusive solution to streamline the collections process for their internal teams and customers

In a year-over-year comparison of accounts serviced by Lexop (note: volumes over the 12-month period tripled), Lexop's digital collections solution yielded significant results.  

228%

99% 
Increase in the amount collected through Lexop’s platform Increase in the amount collected per message

44%

128%
Increase in the amount collected per account Increase in the accounts serviced

To learn more on how they were able to achieve these results through a modernized collections approach, read the full case study below.

View the Case Study
Fairstone Case Study Hero Banner (1)
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“Emails with payment links are very convenient and provide a fast and easy payment solution. When sending these emails, clients are making payments faster than they normally would. Upon receipt of payment the account is removed from our working list faster and agents can then focus on accounts that require our help.”

Jahed JahedVice President of Collections

“Everyone is very busy; with this technology we can increase our chances of connecting with our clients and allowing them to self-serve.”

Liana CaonSenior Manager, Centralized Collections

Clients don’t want to constantly explain why they are late on their payments, giving them the opportunity to self-cure is a win/win solution.

Jahed JahedVice President of Collections

We’re able to optimize our resources and have agents focus on more important accounts.

Liana CaonSenior Manager, Centralized Collections

Once they get that email with the payment link, it’s so convenient that they pay faster. And by paying faster, it removes accounts that our agents need to call or spend time on, and they can focus on the accounts that need our help

Jahed JahedVice President of Collections

Lexop Can Help Your Financial Institution:

Get ahead of bad debt

With consumer debt rising, it’s becoming even more challenging to collect from past-due customers. Don’t continue with traditional collection practices and risk being last on the payment list. Use Lexop to regain control of your past-due accounts, maximize your cash flow, and provide your customers with a positive past-due experience that makes you top of mind in getting paid first.

Maximize the efficiency of your FTEs

By automating manual tasks, reducing the time spent on low-risk accounts, and delivering reminders through preferred digital channels, Lexop enables your team to focus on more complex cases. This not only expedites the debt recovery process but also allows your skilled professionals to use their time more effectively.

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Transform Your Past-Due Customer Experience

Empower your customers with our award-winning collection software. 

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Customer Testimonials

Manager, Account Services
"Lexop is well-positioned to support our organization's customer-centric approach and leverage the most modern technologies on the market."
President
"Lexop is helping us solve collections on past due accounts. We enjoy that the platform is able to do both email and SMS messages to delinquent accounts to maximize collections."
Vice President, Corporate Controller
"The setup was relatively simple. The technology is flexible enough to cover almost all of our collections requirements."
Business Analyst
"We didn't know how valuable SMS customer reminders could be. They allowed us to optimize our campaigns and get the attention of several customers to make payments toward their debt.”
General Manager
"The Lexop team treats you as a partner, not a customer. Don't hesitate to entrust them to help recover your customers' past-due accounts."