Traditional debt collection practices are prone to substandard collection yields and higher costs. In addition, the regulatory environment is complex and ever-changing; updated rules from The Bureau of Consumer Financial Protection (CFPB) are focussing more on debt collection communications and the practices of debt collectors.
Fortunately, the path to achieving this can be less complex than you may expect.
This paper provides insights into:
- Current state and challenges lenders face
- Building your debt collection strategy upon three pillars
- How a digital-first approach enhances CX and ensures compliance at every step
See the three pillars in action and build a digital debt collection strategy to improve recovery and reduce your cost to collect rates.