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 shifts in technology, changes in regulatory requirements, and diverse borrower demographics, the field debt collections needs innovation and technology intervention. Field debt collections are beset by multiple challenges that include disconnected teams, inefficient borrower communications, paper-based processes, ambiguous performance metrics and management of third-party agencies. Inconsistency in capturing location of field agents adds another layer of complexity. When the…
The demand for high-speed and seamless internet services is rising quickly across the nation as a result of India’s rapid foray into the digital transformation path, particularly in the financial services sector. According to a survey report¹, more than nine out of ten mobile phone users in India, complained about poor wireless connectivity, and two-thirds struggled with disrupted digital payments on…