What are the most commonly used collection systems in Colombia and Panama?

For any banking institution or financial company, one of the key weaknesses that must be addressed from multiple angles is delinquency and portfolio tracking. That’s why collection systems—specialized software designed for this tracking—are the ideal solution.

When we talk about a collection system, we refer to a technological tool that helps organize accounts receivable and enables proper follow-up. Its key functionalities include:

• Automated notifications
• Debt tracking
• Payment tracking
• Payment verification
• Debt cancellation after settlement

Why is debt collection management crucial in today’s context?

Debt collection management has become a critical point for financial institutions due to the rise in consumer credit and the need to maintain a healthy portfolio. According to a TransUnion study, the delinquency rate for personal loans in Panama remained above 15% over the past two years, and in Colombia, overdue consumer loans exceeded 11 trillion pesos in 2023, according to the Financial Superintendency. Source: Superfinanciera

These figures highlight a clear need: to digitize and automate the collection process to meet increasing market demands, improve recovery rates, and provide a more agile experience for both the customer and the collection team.

Main collection systems in Colombia and Panama

1. Cobiscorp (COBIS)

One of the most well-known systems in Latin America, COBIS, developed by Cobiscorp, offers a robust credit and collection management module. It is used by medium and large banks in both Colombia and Panama, thanks to its ability to integrate with other banking systems and its modular approach.

Its features include:

• Risk portfolio management
• Automation of judicial and extrajudicial processes
• Customer segmentation based on payment history

However, implementation can be costly and not very flexible for banks operating in rural areas, where more localized solutions are needed.

2. SICAP (Integrated Portfolio and Payments System)

This system has gained popularity among medium-sized institutions in Colombia due to its focus on traceability and its ability to integrate with mobile solutions for field follow-ups—something crucial for rural areas.

SICAP enables:

• Personalized tracking of each delinquent case
• Integration with messaging tools (SMS, WhatsApp)
• Real-time reporting

3. Novacomp – NovaCobros

With a strong presence in Central America, NovaCobros offers useful functionalities for banks in Panama, especially those seeking to optimize operations in rural areas. The platform emphasizes mobility and ease of use, features highly valued by management teams working outside the capital.

Its advantages include:

• Mobile access for collection agents
• Customer geolocation
• Automation of alerts and tasks

4. SAP Collections Management

Although it is a more corporate-oriented solution, banks with international operations or branches in both countries opt for SAP. Its integration with financial and accounting modules is its main advantage, though it requires a significant investment and specialized teams for implementation and operation.

What should banks consider when choosing a collection system?

A common mistake is selecting a solution solely based on the provider’s reputation or feature list. For banks facing specific challenges—such as the difficulty of tracking debts in rural areas—the ideal approach is to work with a software development company that can tailor the collection system to the business's needs.

Key factors to consider:

• Accessibility and connectivity: Does it work offline in low-coverage areas?
• Intelligent automation: Does it offer automated workflows to save time and resources?
• Integration with digital channels: Can it connect with email, SMS, WhatsApp, and banking platforms?
• Scalability: Can it grow with the bank and adapt to new needs?

Why choose a custom solution with Rootstack?

At Rootstack, we understand that each financial institution has unique needs. We don’t believe in one-size-fits-all solutions for specific problems. That’s why we develop custom credit and collection management software, designed to fit the operational and geographic reality of each bank, including those working in rural or hard-to-reach areas.

Knowing which are the most commonly used collection systems in Colombia and Panama is just the first step. The real challenge is choosing the solution that meets your specific needs and enables you to automate, control, and scale your portfolio management processes.

At Rootstack, we don’t just understand technology—we understand your business. We can help you build a collection system that works, no matter where your customer is located. Are you ready to modernize your debt collection process? Contact us today and start transforming the way your bank manages collections.

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