Convoke Brings Efficiency and Transparency to Commercial Collections

The Key Challenges

A prominent commercial lender leveraged external law firms on some of its late-stage delinquent accounts. Historically, the lender had used email and shared drives to exchange media and collaborate with third parties. But, over time, this had begun to cause issues. With no focal point for interactions and document storage, account-level information was spread across multiple systems. This made it hard to get a clear view of third-party account activities, or to call up the necessary documents when it came time to review litigation, judgments, garnishments, or even potential bankruptcy filings. File-sharing was cumbersome, and the lack of standardized naming made it difficult to track and fulfill requests and avoid gaps in record-keeping. For example, if law firms claimed to have received a court judgment but the credit issuer had not received the corresponding documents, the issuer had to manually verify and follow up, leading to delays, errors, and wasted duplicative effort.

How Convoke Helped

By implementing Convoke, the lender was able to bring its disparate systems under one roof: a secure central platform where all documents and activities can be standardized, managed, and tracked. Convoke’s permissible purpose feature made it simple for the lender to share account-level information and fulfill requests, while law firms could easily upload legal documentation for review. This provided a persistent record of activities, ensuring all documents were easy to access and reconcile in the future. A new Account Detail Hub gave the lender a bird’s eye view of CRM Data and the legal status of each account. This greatly enhanced its reporting capabilities and made it far easier to track progress on specific accounts.

Result

Improved Efficiency and Data Accuracy

Convoke’s media management solution improved several critical areas of the business:

Automation

Much of the legal process was automated through the lender’s external CRM integration, including which law firms would handle litigation, garnishments, or bankruptcy proceedings. Media was automatically pre-loaded as soon as accounts were loaded into Convoke, while legal documents could be received and pushed to the issuer's CRM, allowing seamless data transfer between platforms.

Common scoreboard

Given the permissible purpose functionality of the Convoke platform, as well as the Account Detail Hub that centralized all loan information in one place, much improved visibility was granted to both the credit issuer and its third parties.

Clean data

No longer reliant on scattered and inaccurate documentation, the lender was able to consolidate all its legal data, ensuring it was accurate, up-to-date, and accessible whenever needed.