Credit risk management should not just be a bare-minimum effort to meet regulatory requirements. By identifying high-risk accounts, organizing credit data, and monitoring scores and limits in real time, proper credit risk management can save your organization a lot of money in the long run. Not only are you avoiding the inherent loss from risky decisions, but also the potential financial fallout from paying compliance costs. The following 4 top credit risk management software will provide your institution with the tools and knowledge it needs to only gather and maintain stable portfolios.

Top 4 Best Credit Risk Management Software

  1. Quantexa – Best Credit Risk Management Software for Fraud Detection
  2. CreditPoint – Best Credit Risk Management Software for End-to-End Credit Management
  3. D&B Finance Analytics – Best Credit Risk Management Software for Automation
  4. Apruve – Best Credit Risk Management Software for Collections

1. Quantexa – Best Credit Risk Management Software for Fraud Detection

PRICING: contact for individual quote

Quantexa uses Contextual Design Intelligence to automate data connection between payment patterns, past credit history, and customer information. This allows your staff to make better decisions faster, since they can focus on the data analysis itself, not the gathering and compiling process. It also uses network graphing and link analysis to pinpoint anomalies and behaviors that indicate fraud risk. Quantexa does not just allow you to minimize risky credit decisions, but it focuses on KYC – Know Your Customer. It actively helps you detect and prevent full-on fraud. Obviously early fraud detection increases your bottom line, but it is also important so you stay legally compliant (which can come with its own financial drains if you fall out of compliance).

KEY FEATURES:

  • Single borrower view to group all data for each business together
  • Uses network analytics to create credit risk modeling in context for easier presentation and understanding of data
  • Scalability up to 60 billion records

REASONS TO BUY:

  • Automatic network building to show company connections
  • Automatically provides alerts of warning signs in a borrower’s network
  • Less false hits with 99% reporting accuracy

REASONS TO AVOID:

  • AI guidelines and machine learning algorithms can be difficult to define at first
  • Service and instructional support can be hard to locate (and navigate once you do find what you need)

2. CreditPoint – Best Credit Risk Management Software for End-to-End Credit Management

PRICING: contact sales for individual quote

CreditPoint allows visibility of the entire credit review and approval process from start to finish. This gives you greater control over your decision making as well as deeper insight into what makes for sound financial choices through their in-depth analytic tools. Their focus on deep data analysis also provides better reporting to both your internal teams as well as external legal bureaus should the need arise.

The CreditPoint software also allows you to work with large batches of data as well as in real-time, giving you the power to quickly respond to any data changes or risk alerts. They use both internal and external data source to provide you with the most accurate connections between data points. It is easy to integrate CreditPoint solutions into your already existing procedures and can even automate and replicate the processes you already have in place.

KEY FEATURES:

  • Microsoft Azure partnership for higher cloud security
  • 24/7 support
  • Customer self-service credit application portal streamlines review processes

REASONS TO BUY:

  • Customizable collection and dispute strategies
  • nSight tool compiles your entire portfolio in one location for easy analysis
  • Alert functionality informs you of changes to risk profiles
  • Customize alerts and email notifications to your specific guidelines

REASONS TO AVOID:

  • Automation can rely heavily on CreditPoint techs for development – customization can be difficult on your own

3. D&B Finance Analytics – Best Credit Risk Management Software for Automation

PRICING: contact sales for individual quote

Not only is D&B Finance Analytics powered by its own Dun & Bradstreet Data Cloud, it is also comprised of two different platforms working in tandem to provide you intelligent credit-to-cash solutions for your team. It is also easy to integrate with additional management software and ERMs you may already have in use.

Their D&B Credit Intelligence platform provides global credit reports that use scores and ratings derived from their proprietary AI system. The dashboard is clean and easy to read, and it comes with the D&B Credit Check for Salesforce app so your sales team can make real-time POS credit decisions.

D&B Receivables Intelligence is the next step in your financial growth process. Once you have determined where your risks are and made informed decisions, you can use this AI-driven platform to automate collections and get paid faster.

KEY FEATURES:

  • Credit Intelligence – platform that provides credit reports and automation
  • Receivables Intelligence – improves collection process through AI, automation, and analytics

REASONS TO BUY:

  • Integration with all major ERPs
  • Real-time POS credit decisions for sales teams

REASONS TO AVOID:

  • Needs improvement on reporting for small businesses
  • Services are offered as individual platforms but in reality work better as a single suite of services

4. Apruve – Best Credit Risk Management Software for Collections

PRICING: Volume based, per invoice fee and financing fee (must contact sales for individual quote)

Arpuve offers two methods of risk management: their Global Credit Network and their Payment Platform. Apruve’s GCN helps the underwriting process by pulling together lenders from around the world to give you better insight into account risk levels. You can onboard new customers quickly and implement credit programs in 40+ countries with ease.

Their Payment Platform automates credit, A/R, and collections to increase your efficiency. By streamlining the automation process, your team is free to analyze the risk instead of spending time gathering information themselves. This leads to more accurate risk assessments and better customer service for long-term retention. Their automation guarantees payments within a single day and is shown to reduce the number of late payments, generating more income for your bottom line.

Apruve also offers comprehensive customer support for you and your team, including two different FAQ pages for buyers and merchants, and a library of online resources to support you in both using their platform and improving your business.

KEY FEATURES:

  • Customizable terms programs that you can easily add to your individual services
  • Localized invoicing
  • End-to-end credit and A/R automation

REASONS TO BUY:

  • One-day DSO promise
  • Can onboard existing buyers
  • Integration with other A/R automation software
  • Large library of resources to guide you through the platform and more general credit-risk smart practices

REASONS TO AVOID:

  • Less focus on data analysis than the A/R process

References and Links

  • https://savvycomsoftware.com/best-financial-risk-management-software/
  • https://creditpointsoftware.com
  • https://www.trustradius.com
  • https://www.dnb.com
  • https://www.quantexa.com
  • https://fitsmallbusiness.com