The emphasis of self-service in collections and recovery is a product of the increasing importance of customer-centricity.
Debt Manager, C&R Software’s industry-leading platform for debt collections and recovery, has a wide range of powerful AI- and ML-enhanced features. In this guide, we review these features, examining their use cases and benefits.
Self-service is becoming the new normal in recovery, and continuing to be without it will prove to be a disadvantage for your customers.
Behavioral segmentation is a technology that shines a light on the characteristics that lead to customer delinquency.
Technology and segmentation play major roles in helping collections teams enrich contact strategies through the use of Machine learning and AI.
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.
When treatment paths are solely left up to AI and Machine Learning (ML), customers may be sent down an ineffective repayment plan. Audio analysis humanizes collections and recovery by identifying customers facing difficulty in ways that are invisible to data, ML and segmentation.
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.
Factors including the pandemic, rise of short-term payment plans and increasing cost of living has catalyzed the global rise of household debt. More customers have entered collections than ever before, highlighting the inadequacy of traditional collections processes to meet the challenges today’s consumers present.
Buy Now, Pay Later (BNPL) is a rapidly growing payment format that has become seamlessly integrated into a range of services, products and facilities. Its ease of access has made it a popular choice of payment, which has meant an increasing volume of customers entering the collections process as a result.
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