While banks have invested billions of dollars into their digital servicing
capabilities in recent years, we have seen less investment and change
occurring within Collections and Default Management – outbound phone-based
dialing and written communications are still the dominant strategies when
customers become delinquent.
However, we feel this will change. The last several decades have also seen
significant shifts in customer expectations, technology, and the regulatory
environment that are all driving changes to how customers interact with
financial institutions, and ultimately, how effective existing Collections
tactics are. Financial services firms that continue to use the same tactics
without seeing the need for long term change will ultimately begin to
fall behind others who adapt more quickly.
The white paper,
The Future of Collections, paints a detailed vision as to what the future will hold. The paper shares
the changes that financial services firms will need to make to their data
infrastructure, analytics and segmentation, and customer experiences to
improve collections performance while lowering costs. These shifts will
ultimately change Collections culture from a more homogenous call-centric
“Payment-Based Collections” model to a multi-channel “Advisory
/ Resolution-Based Collections” model layered with mass customization.
Download the full white paper
here to learn how you can be on the leading edge of "The Future of Collections."