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Customer Relationship Management (CRM) software has become a staple in recent decades for many industries. Banks, insurers and utilities companies have all adopted it to streamline their customer interactions.
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There’s a growing number of people using credit and becoming delinquent. A report from the Federal Reserve Bank of New York states that American credit card debt is now over $1 trillion.
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Hyper-personalization is becoming a popular term in the collections and recovery space. It represents an enhanced form of personalization that takes advantage of AI capabilities to provide a seamlessly data-driven and truly humanized collections journey.
Self-service is becoming the new normal in recovery, and continuing to be without it will prove to be a disadvantage for your customers.
Conventional debt collection platforms provide collections teams with the basic tools to manage their primary needs - such as managing payments, remaining compliant and having a centralized data repository.
Both businesses and consumers alike have run into challenging financial landscapes in recent times.
The increasing number of buy-now-pay-later payment plans has resulted in growing accounts with distressed debt. Collections organizations are facing increasing strain from this growth, and require solutions that optimize the collections process while guiding customers through their individual circumstances.
Learn which debt collection compliance controls can be automated, from communications and data rights to hardship, payment rules, and policy changes.
Organizations across the world are recognizing the need to bolster their collections and recovery operations - with the post-pandemic environment presenting an increased level of risk and a need to scale to accommodate more customers.
Weighing build vs. buy for debt collection software? See why 70% of custom builds fail to deliver, and what it actually costs to go it alone.
Never for C&R—although it sometimes pays off in other areas of operations
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