When Risicum was founded in 2005, it handled only loan approval by itself. Actual loan management, such as invoicing, payment monitoring, collection and income recognition, were outsourced to a credit control firm. As the business grew and developed, Risicum wanted to take charge of its own loan management. This meant a complete change in its earnings logic.
Automatic invoicing and reminders
Digia began cooperating with Risicum in 2009. Risicum started using Digia's loan management solution in 2010 – covering all back office functions after a loan has been granted.
Around 95 per cent of Risicum's customers apply for loans online. Old customers, who have paid off loans when agreed, can also borrow by text message. Short-term loans and consumer credit are available from 50 to 1,000 euros in value. Security is guaranteed by bank IDs, a secure web connection and a VeriSign certificate.
When a loan is granted, the money is transferred to the customer's bank account. On the following day, a bill is sent automatically by the Digia system. Around 1,500 invoices are sent per day, or 32,000 a month. The system also tracks payments. If no payment arrives by the due date, the system sends an automatic reminder, both by email and text message. If, despite reminders, the loan is not paid off on time, the system automatically forwards the case to credit control.
A new payment schedule can be agreed with customers who get in touch, before the due day, to discuss payment difficulties. The system then tracks payments based on the new schedule.