I’ve been thinking a lot about kindness recently. The pandemic exposed the inequalities in our society. It also reminded us of what it means to be human—to be vulnerable. During the darkest hours, we were surrounded by stories of people who’d gone out of their way, perhaps risked their own
Unlock value with technology shifts in digital collections
With fintech sweeping across financial services and disrupting long-standing business models, one ponders: what makes for successful fintech? Success stories in fintech are rooted in transformative business models. Technology is the enabler, not the inspiration. This article explores the logic behind a business model approach to fintech and uses debt
Key requirements The client is a BNPL company serving millions of customers in North America, Europe and Australia. A growing concern, they employ nearly 1,000 people. Motivated to encourage timely repayment from purchases made over its unique network, the client sought an approach that improved collections performance on day one
It is humane and it works
Traditional debt collection practices do not provide as much insight and use manual processes that are prone to create risk and result in errors. This results in substandard collection yields and higher costs. In addition, the regulatory environment is complex and ever-changing; new rules from The Bureau of Consumer Financial
Firstsource’s intuitive next-gen digital services are built upon three pillars: empathy, insight, and agility.
If there’s any such thing as a new normal, digital is it. Digital transformation was already on everyone’s agenda in financial services, but COVID-19 has propelled it to the top of the list. According to Mike Mayo, a securities analyst at Wells Fargo, “what we’re seeing is the greatest acceleration
A Quick Guide on best practices in collections strategies with automated solutions Why is everyone talking about Digital Debt Collection? Consumer debt in the US has increased nearly $2.3 trillion since the peak of the Great Recession in 2009—increasing across almost all debt products to top $14 trillion in 2019.
Jamie Dimon, Chairman and CEO of JPMorgan Chase, recently told analysts he was “scared sh*tless” of the threat fintech and big tech pose to his industry. This hugely respected banker at one of the most highly valued banks in the world is clear that his competitive set has changed. He