Trinidad and Tobago's First Citizens Bank has deployed FIS' (FIS) Default Manager, the first deployment of the FIS product in Latin America.
First Citizens maintains a large branch network in Trinidad and Tobago, with services to other Caribbean islands, and manages one of the largest ATM and point of sale networks in the region. The bank plans to integrate Default Manager into its existing FIS Profile core banking system, and will automate all aspects of collections processes-including mortgages, autos and credit cards.
The bank hopes to improve the accuracy of collections, manage "promise to pays" more effectively and improve client relationships for collections. The tech will also provide collectors and management with real-time performance metrics to monitor performance.
The product will span the entire default lifecycle and will include automated work queues and assignments, letter generation and management reporting. Increasing automated processes is designed to help the bank focus on higher risk accounts with default histories and other vulnerable customers.