The Future of Collections
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.”