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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
Is your Finance and Accounting (F&A) team bogged down by routine, repetitive, low-value tasks? Is the cycle time for closing and reporting high? Does it require significant manual reconciliation and data maintenance? Are your executives hampered by the lack of meaningful reporting? If you are witnessing any of these challenges
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
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
Coronavirus business loans, known as BBLs and CBILS, are different to run-of-the-mill commercial loans. In our blog The call for a new approach to Recovery Loan Scheme, CBILS and BBLS account servicing, we outline why servicing these loans poses unique challenges for lenders. And how to tackle these with an
A lighter-touch approach to Coronavirus loans Government-backed loans issued as part of the Recovery Loan Scheme or its predecessors, CBILS and BBLS, will require a different approach to customer servicing. This has been recognized by the state-owned British Business Bank and the industry lobby group, UK Finance, which kicked off
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