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Conneqt- Next Generation Mortgage & Loan BPS

Vendor Analysis

by Andy Efstathiou

published on Aug 07, 2018

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Report Overview:

This NelsonHall assessment analyzes Conneqt’s offerings and capabilities in Mortgage and Loan BPS. Conneqt is one of a number of banking operations services companies analyzed in NelsonHall’s comprehensive industry analysis programs. 

Who is this Report for:

NelsonHall’s Digital Banking Services Vendor Assessment for Conneqt is a comprehensive assessment of Conneqt’s Next Generation Mortgage and Loan BPS offerings and capabilities designed for:

  • Sourcing managers monitoring the capabilities of existing suppliers of capital market process outsourcing and identifying vendor suitability for Mortgage and Loan BPS RFPs
  • Vendor marketing, sales and business managers looking to benchmark themselves against their peers
  • Financial analysts and investors specializing in the support services sector.

Scope of this Report:

The report provides a comprehensive and objective analysis of Mortgage and Loan BPS offerings, capabilities, and market and financial strength, including:

  • Identification of the company’s strategy, emphases and new developments
  • Analysis of the company’s strengths, weaknesses and outlook
  • Revenue estimates
  • Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
  • Analysis of the company’s offerings and key service components
  • Analysis of the company’s delivery organization including the location of delivery locations.

Key Findings & Highlights:

Conneqt started its M&L BPS services business in 2007 delivering collection services to Tata Motor Finance. Over time that engagement has expanded to include a broad range of BPS services in collections, servicing, and origination support.

From 2007 to 2017, Conneqt’s M&L BPS services business was focused on delivering in-person collections across Indian markets. Indian regulations enable lenders to reach out to customers via electronic means, typically a phone, but require them to follow up in person to collect monies or application documents. Conneqt developed a network of ~600 centers across India with in-person customer contact representatives. Conneqt differentiates itself from other collection agencies by having a nationwide network of in-person agents.

Conneqt expanded into collecting monies for international lenders in January 2015, by establishing relationships with Middle Eastern Banks who had lent money to Indian nationals working in their home countries. The business initially relied on a third-party distribution model to develop sales. Today, Conneqt uses a direct sales model in the Middle East and has a single large client.

In November 2017, Quess Corp., a Canada based BPS vendor, acquired 51% of Conneqt. Tata and Sons retain a 49% stake in Conneqt. Quess’ investment in Conneqt is intended to enable Conneqt to expand into new markets and enhance its digital delivery capabilities.

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