Collections and Loss Prevention

Collections Investments

May 8, 2020

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3 Critical Areas for Collections Investments

Collections organizations have been making significant investments in their evolution. The economic uncertainty caused by the coronavirus pandemic has increased the demand for collections resources.

However, pre-pandemic customers’ behaviors were driving the need for improved digital performance. In our 20 years of consulting, Bridgeforce has partnered with clients to evolve their collections environments, and we’re doing so again.

Our clients’ requests for guidance and assistance have increased in the three areas below; we know these areas will have greater demand as clients respond to COVID-19:

1) Automation, Digital Collections, and Machine Learning – the pandemic has forced financial institutions to operate remotely and collections is no different.

2) System of Record Replacements and Upgrades – placing band-aids on outdated technology and multiple legacy systems won’t work in the long run.

3) Third Party Vendor Placement Models and Controls – a focus on specialty vendors and their processes can enhance collections performance and recovery outcomes.

collections investments

Stay ahead of the quickly changing collections landscape by transforming your collections operations and technical capabilities. Bridgeforce has done it all, from reviving early and late stage strategies to implementing digital solutions. Contact us to talk about your goals.

 

Related Topics:

Transform Your Data into Business Intel

Collections: Determine Your Readiness in the Time of COVID-19

DIGITAL COLLECTIONS:  It’s No Longer a Concept. It’s Reality and It’s NOW. 

Collections & Recovery Assessment: Case Study

Webinar: Get Ready for Loss Mitigation Volumes