Collections of the future - a study by Everest Group

Unlock value with technology shifts in digital collections

Debt is a stressful, embarrassing issue for people at the best of times, but the traditional collections model makes the experience worse. Not only is it obtrusive and humiliating for customers to receive collections calls, but it’s also completely out of touch with how people prefer to interact with businesses. It’s high time things changed.

In this study, we explore the current state of the collection process, examine the challenges of the traditional debt collection process, and the imperative need to evolve. We also recommend a framework for the collections process of the future and actions steps to achieve it.

This research provides insights into:

• The broader challenges that impact Receivables Management and critical factors that impact debt collection
• How a model with digital levers — Analytics, Automation, Artificial Intelligence (AI) and Machine Learning (ML) can transform creditor/consumer debt engagement
• Consideration for lenders as they design a future-ready collections model

Supercharge the collections experience such that your customers are happier, returns are stronger and operating costs are slashed.