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
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 CBILS and BBLS account servicing, we outline why servicing these loans poses unique challenges for lenders. And how to tackle these with an approach rooted in
A lighter-touch approach to Coronavirus loans Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS) will require a different customer servicing approach. This has been recognized by the state-owned British Business Bank and the industry lobby group, UK Finance, which kicked off talks with commercial lenders
Leveraging its remote implementation methodology, Firstsource automated the bank’s Risk Management Quality Assurance processes, increasing capacity for QA testing by 1200% and reducing processing time by 90%. The client One of the largest banks in the US providing banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental
Strong Customer Authentication (SCA) means hard work for European banks looking to ensure compliance from day one. Come September, it’s going to mean some hard work for customers too. People are used to making online purchases quickly and easily, and suddenly they’ll be forced to go through additional authentication steps.
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