Collections Trends and Insights: Fall 2019
October 10, 2019
The latest from our collections and loss mitigation thought leadership team:
- Delinquency rates show a mix of upward and downward trends; however, apart from student loans and auto loans, we are still below pre-recession rates.
- Customer channel preference and future regulatory changes require a thoughtful approach to collection strategies across all contact channels. The industry needs to evolve with the customer base toward full digital engagement.
- Digital technologies have created a shift in consumer behavior and communication preferences resulting in Right Party Contacts through outbound dialing becoming increasingly hard to come by.
You will also find in this trends overview, highlighted information on how the rules will affect you from the CFPB’s proposed rules for debt collections.
Collections Trends: Focus on Digital
Today’s customers expect their digital banking to go seamlessly and quickly no matter what they’re doing online. Digital trends can also help banks build a better relationship through having a great customer journey, which can help gain insight and stronger engagement from their customers. No matter where you are on your digital collections journey, now is the time to get started or enhance your digital offerings. Bridgeforce helps our clients strengthen the customer journey through intelligent technology adoption and improved business autonomy. We design, plan, execute and manage technology initiatives in ways that maximize your return on investment.
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