The rapid emergence of innovative technologies in the debt collections industry is creating new opportunities for lending institutions. Lending institutions have already redefined how they interact with their customers, indicating that 2023 will see a significant amount of change. A technology-driven ecosystem is becoming more prevalent thanks to increased use of data analytics and tools like artificial intelligence and machine…
The banking and Financial Services industry has adopted mobile-based platforms/apps extensively to increase its customer reach, simplify operations, and leverage the power of digital connect. This is where Field Service Management (FSM) for the automation and monitoring of numerous field processes, such as KYC, document collections, and drop services, is gaining momentum. The field loan collections teams have implemented multiple use…
The number of retail loans in India has surged from 35 million in March 2020 to 60 million by end of March 2022 as per an Equifax overview report¹. The report also highlighted that the portfolio outstanding amount jumped 25% from INR 71 billion in March 2020 to INR 89 billion in March 2022. While the growth has been promising…
As per reports by the World Bank¹, emerging markets and developing countries are expected to bear a major economic brunt of the ongoing Russia-Ukraine war. Global energy prices and commodity prices have been pushed up by ongoing conflicts. Retail inflation in India grew by a mammoth 7.8 percent² in April 2022. To address the rising costs, the Reserve Bank of India (RBI) raised…
Are your Loan Collection Mechanisms Future-Ready? As the world tries to return to a semblance of normalcy in a post-pandemic world, the lending industry is seeing some respite. A recent Moody’s report¹ expects growth in bank loans to accelerate to 12-13% in FY 23 aided by increasing corporate earnings and easing of funding constraints for NBFCs. An Icra report² predicts an 8.9-10.2 per cent…