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
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
Your procurement department receives hundreds of purchase requisitions every day for supplies and services, in various formats and layouts. Prior to creating the Purchase Orders (POs), the staff manually enters the data in the ERP system to validate them against supplier data and inventory to ensure your organization in managing
FinTechs often tread a thin line when it comes to debt collections – balancing mounting loans on one end, while striving to deliver a superior customer experience they are known for, at the other. A complex regulatory landscape for FinTechs further hurts debt collections, hampering recovery and increasing cost to
71% of finance professionals still cite manual data entry and inefficient, error-prone, time-consuming processes as their key pain points. Processing an invoice, takes anywhere between 4.1 to 16.3 days per invoice – from receipt to payment approval. Ardent Partners’ Accounts Payable Metrics That Matter in 2020 report reveals that while
Simply fill out this form to download