The rapidly changing consumer behavior is characterized by a paradigm shift in how people search, buy, borrow, consume, engage, and communicate. Digital engagements have become a way of life, and customer experience expectations are continuously evolving. In an era where customer needs reign supreme, and personalization is rapidly becoming a norm, lenders must reassess their approach to debt collections. Adopting…
Field debt collections is a process that involves the recovery of outstanding debts through face-to-face communication between the debtors and the collection agents. This method is often used when traditional collection efforts, such as phone calls, letters, and emails, have proven insufficient to recover the debt. Professional collection agency’s in-house collections teams typically carry out field debt collections, which creditors…
With the growing demand for retail debt amidst the volatile economic scenario there is a potential for a rise in delinquencies. In this scenario, the inadequacy of traditional collections mechanisms can become a handicap and pose challenges for lenders and other financial institutions. Lenders need to revisit their approaches across the entire debt collections lifecycle in the current context while…
With geopolitical uncertainties rising due to multiple factors and several economies facing headwinds, economists are predicting that the world economy is likely to enter a phase of slowdown. The tightening of monetary policies by central banks worldwide will have a significant effect on the global financial landscape. This is also likely to have an impact on the credit cycle and financial institutions…