The digital age demands lenders to rethink their debt collection processes as they try to balance competing priorities in a constantly evolving landscape. Today’s consumer expects customized interactions – using a channel of their choice. They also look for self-service options and demand greater value. On the other hand, companies must comply with constantly evolving laws and regulations. How can organizations walk the tight-rope while truly transforming collection results? The answer lies in placing the consumer at the center of the collections process via digital transformation.
A digitally-enabled collection environment can not only enable compliance and address changing customer demands but also contextualize and optimize customer interactions. Some of the major
benefits of deploying a digital debt collection solution include the ability to drive superior customer experience, compliance, and business outcomes such as liquidations and reduced cost of collection.
This ebook discusses the factors driving the shift towards digitized, customer-centric and self-serve collections. It also explains the transformative impact of using technology to drive customer-centricity in the collections arena.