Sub Industry: Collections
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Digitial Collections Drive $3M Revenue and 20% Cost Savings for a Global Fintech
Goal Enhance collections performance, accelerate digital transformation that extends beyond customer acquisition, and personalize customer interactions to reduce costs and boost revenue Challenges Lack of Digital Strategy There was no established digital approach, leading to outdated methods for interacting with customers during collections. Ineffective Outbound Calls The Right Party Contact
3 ways to create a holistic customer experience in debt collection
The recent interest rate hikes by US Federal Reserve to control inflation are starting to hit consumers. Particularly hard hit are fragile borrowers with lower income and higher debt. Reuters summarized a TransUnion May 2022 study that shows escalating US prices for household necessities is causing people with low credit
Storm clouds are gathering in utilities debt recovery. Here’s how to prepare
I see a perfect storm forming in debt recovery in the utilities sector because of a convergence of trends and events. I forecast stress-filled times for public and private companies and municipalities. The pandemic disrupted the economy and created global supply chain issues while driving prices up, including in the
How BNPLs can reset CX and disrupt the credit arena
If 2021 was the year Buy Now, Pay Later (BNPL) seemed to arrive, 2022 could see these providers reset the standard for customer experience (CX) in the credit market. But will they? Anytime a disruptive force enters a market, there’s a great deal of excitement. People talk (and often over-hype)
Who wins in Collections – the tortoise or the hare?
The lesson from Aesops’s fable The Tortoise and the Hare is so timeless and enduring that the business world continues to adapt it to make a point. Mercedes Benz turned it into a Super Bowl Ad, where the classic fable takes a new twist. Software engineers use it as an
Meeting customers where they are, is the name of the (Collections) game
Netflix’s new hit show Squid Game is a dystopian take on the problem of growing debt and income inequality in South Korea. But the desperation of players – to win the grand prize and fix their financial problems – is all too relatable. Back in 2017, 71 million Americans had
Saving a US debt buyer $5M using a global outsourcing model
The challenge: Slash collections costs and create a pathway to profitable growth The client is one of the largest debt buyers in the US and concentrates on investing in consumer charge-off and bankruptcy accounts. The client’s in-house collections staff had swelled to 200 FTEs in the US. It was also
