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Should Collection Managers Be Worried? Yes, Just Like Jeopardy Contestants Battling IBM’s Watson

In February 2011, in a much-hyped, nationally televised show, IBM’s Watson supercomputer comprehensively defeated two human champions in the intellectual game of Jeopardy! Quantrax Corporation says they were not surprised, having created technology that is smarter than the best collection experts!
Everyone is claiming that they had something to do with Watson, IBM’s creation that took on and beat two of the very best Jeopardy champions. Novell, Apache Software Foundation, Java, Prolog, C, C++ and IBM’s clever software – they were all a part of a historical experiment in testing machine intelligence against human experts. And suddenly, everyone is thinking about the practical application of this powerful technology.
Quantrax Corporation watched with interest as the contest evolved. The key hardware that IBM utilized was the midrange Power 750 server. This happens to be the same family of computers that Quantrax uses for its artificial intelligence-based collection platform called RMEx (formerly Intelec). […]

 

QUANTRAX SAYS ITS BEST YEAR FOR INNOVATION IS FURTHER DISTANCING ITS TECHNOLOGY FROM THE COMPETITION!

In a recent internal planning session for a newsletter to prospective clients, some of Quantrax’s management team discussed the groundbreaking developments that have made the last year one of the most productive for Quantrax. In this article, Delight Kasserman, an application specialist at Quantrax, shared some of the questions she reviewed with chief technologist Ranjan Dharmaraja, as they discussed recent accomplishments.
DK – Why are you excited about our accomplishments in the last 12 months?
RD – This has been a horrible period for all collection software developers. Few clients have invested, waiting for things to improve. Quantrax has created and deployed some significant technology, while other companies talk about major changes to come or struggle with deploying their new products.
DK – Mobile may be the big shift in consumer communications. What have we worked on recently?
RD – One of the very exciting things we have is a responsive mobile payment […]

 

Quantrax Debt Collection Software -A driving force behind the success of FMS 

The latest buzz from the market is that Quantrax Corporation Inc. a Bethesda MD company, is continuing its decade long partnership with FMS- Financial Management Systems which has been a successful accounts receivable management company working exclusively in the field of education and student loans.

Financial Management Systems works as a PCA or private collection agency for the United States Department of Education and has been using the debt collection software provided by Quantrax for about a decade since they got the task order in the year 2004 from the Department.

Quantrax has also grown significantly alongside FMS in the recent years by investing significant resources to constantly improve its collection software in order to support the growing footprint of FMS in the accounts receivable management industry.

FMS started its venture as a small business unit within the US Department of Education’s pool of private collection agencies for small businesses. In the […]

 

QUANTRAX CLAIMS THEIR NEW TECHNOLOGY IS THE GREATEST INVENTION SINCE THE PREDICTIVE DIALER

Quantrax Corporation today announced successful deployment of their “Right Party Contact console”, something their Director of Operations Debbie Collins described as “exciting technology that will reinvent the collection industry”.

Lighthouse Consulting’s Phillip Duff who has been actively following Quantrax’s technology talked to Debbie about this new technology.

PD – Quantrax has described this new solution as the greatest innovation since the predictive dialer. The predictive dialer has been around for a long time. Why do you say there has been a lack of innovation for so many years?

DC – The industry has made lots of progress in many areas. We’ve gone from automating the card system to some very powerful collection systems. But how many applications have truly leveraged the power of computers to address a major business need in undiscovered ways? Of course, we’ve said that our “intelligent software” was the last great invention. This is the latest!

PD – What […]

 

QUANTRAX – ARE WE THE ONLY COLLECTION SOFTWARE COMPANY THAT IS NOT A ONE TRICK PONY?

Many companies are one-trick ponies. One trick pony is described as “one that is skilled in only one area or one that has success only once.” Companies like Nike, Coca Cola or McDonalds could be described as one trick ponies but most of us would trade places with them in a flash. On the contrary, it is much harder for technology companies to survive for decades based on a single product. Consider Microsoft and Apple – Microsoft started with an operating system for PC’s and followed up with an interface that changed the way we used those computers. What about Apple? They started with hardware and software, almost failed and came back with its second trick – small devices that would revolutionize the music and entertainment world forever!
Most collection technology companies created software to replace the card system with a computerized collection system. Over three decades, that concept has […]

 

UNDERSTANDING CELL PHONES IN COLLECTIONS

Yes, collections comes with its unique set of complexities. While we need to focus on that challenge, it is also important to stay ahead of known risks to business operations. Managing cell phones comes under this category.
Cell phone management techniques are still open to debate. While there may be no specific rules for how collection companies must handle the area of cell phones, we know enough to make good decisions and demonstrate that we have taken steps to address known issues.

How does Quantrax approach this important area? It starts with the need to accurately identify cell phones and land lines.

We have access to cell phone data bases (cell block and ported numbers)
This information can be used do an initial scrub of all phone numbers on the system
Ported number data can be used to update phone numbers based on recent changes

When accounts are worked and new numbers are obtained, it […]

 

THE LEGAL COLLECTION SYSTEM OF YOUR DREAMS

They say collections is all about follow up. In the legal world, timely follow-up becomes critical as we move accounts through different phases of the legal collection cycle. What else would we like to see in the perfect legal collection system?

Automation – in a mature industry, follow-up actions must be accurately scheduled by the system
Minimal use of paper to manage account flow – paper is inefficient and slow
Technology that will manage compliance rules at the state and city level
The ability to manage contact frequency and number of messages left, based on client, city or state rules
Track the many data elements that characterize legal collections
Manage multiple responsible parties and have the system work each party separately
The ability to import and export information between your clients and the system, preferably without custom programming
The ability to tie documents and images to individual accounts
To have different people work an account at different times, […]