The last decade has seen a tremendous emphasis on customer service and convenience in banking. Today, customers are able to bank online – and this doesn’t mean just checking their balance. They can make payments, save, apply for loans; all at the touch of an app icon. It’s strange to see how far l ...

EFS

Businesses involved with debt collections need to measure and report specific collections goals. That seems obvious, but many companies still don’t follow collections best practices when it comes to forming goals and measuring success.  When you set clear goals and measure the right metrics, it’s e ...

When a customer moves into the delinquency phase, it’s harder to get them to pay off debt. That means prevention is a top collections strategy. After all, stopping customers from entering delinquency improves outcomes faster than recovery strategies.  Could your organization do more to prevent deli ...

EFS

Between strict regulations, rising NPLs and crunches on credit, financial institutions around the world are facing a hard fact: having delinquent accounts on your books has become increasingly probable. Faced with a new normal, even your best collectors could be scrambling to succeed in a market th ...

EFS

Islamic banks are growing fast. They saw 17.6% annual growth in the past several years, as noted by professional services firm EY. But with growth comes challenges. EY identified three major challenges faced by Islamic banks as they transition from regional operations to truly global firms:  1. Su ...

EFS

Global changes in banking are having profound effects throughout the industry. Retail banking experts gathered at the most recent Middle East Retail Banking Summit to discuss these changes. The top three trends they identified were: The need to generate more revenue from existing business, in ord ...

EFS

Before the implementation of automated outbound calling technology, most collections operations assigned accounts from cradle to grave. This has changed recently in favour of dynamically distributing accounts to a pool of resources, which provides for increased productivity. The result is that ther ...

The rapid growth of the Islamic banking sector is good news for this branch of financial services. But some suggest that profitability remains a struggle. Consulting firm A.T. Kearney offers two recommendations to fix the problem: improve strategic positioning and maximize operational efficiency. S ...

Traditional collections operations used tactics like cold calling that made measurement difficult. Now, in modern debt collections, metrics have expanded and evolved into collector productivity, collections and recovery performance, and capacity planning. Your department should gather data on all se ...

EFS

As of January this year, the UK was the most disrupted traditional banking market in the world, with 15% of revenue and over a third of new revenue going to new entrants. Traditional banks are obviously fighting back, releasing their own digital solutions. How did this come about? Both of the majo ...

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