Explore how claims digitalization helps meet customer expectations, cut operational costs, and create stronger customer relationship.
This article explains why credit risk management matters. You'll find its core elements, benefits, implementation hurdles, and best practices.
This article shows you how to create and implement a credit risk management framework that works.
This complete guide will help you pick the right credit risk management system that fits your business needs.
In the realm of collections, introducing empathy has become a key KPI for modern collections teams. It's precisely what can redefine the collections journey, transforming it from a potential point of difficulty into a pathway toward stronger customer loyalty.
As the modernization of the collections journey steadily grows, so does the vast amount of data firms have surrounding their customers. Understandably, many of these customers would prefer to have access to said data, or at least know what it’s being used for. This is the area that the CFPB’s section 1033 focuses on, potentially requiring you to give customers access to their financial information.
The Gramm-Leach-Bliley Act sets out clear requirements for the privacy, security, and management of customer data. To keep up with these requirements, you need a modern collections platform. This is because legacy software struggles to keep up with the modern world of data security.
Transparency is a core pillar of customer-centricity when it comes to the collections journey. By providing easy access and visibility of data and processes, your customers are far more likely to engage with you and your strategies.
Striking a balance between technology and customer relationships is the key to enhancing your collections performance. By doing so, you can have the information you need to build effective collections strategies while saving time for you and your team.
General Data Protection Regulation (GDPR) covers the key principles of customer data privacy and protections. These rules apply across industries and regions, with the unified goal of giving customers more control over their personal data in a digital world.
Compliance in collections is about more than making sure you’re following the rules. It’s about protecting customers and following the right processes and procedures to help them reach financial stability.
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