Regulation is often used in political scaremongering. There’s too much red tape in the business world, according to some. And in certain cases, that may be true. Especially when it comes to the legal complexities of debt collections. But is more regulation (or less, for that matter) inherently bad ...

Nearly a quarter of small and medium businesses in the UK could face insolvency because of one thing, reports The Telegraph. They’re not getting paid. Late payments and overdue invoices are piling up for these businesses. A full 22% of these obligations are owned by large companies. Companies in th ...

EFS

Too many professionals consider communication a “soft” skill—that is, a non-technical skill that doesn’t require formal training. Unfortunately, that viewpoint leads to significant problems. It devalues communication to a “free time” skill. You know, a skill you’ll get around to developing when you ...

EFS

It’s one of the most solemn word pairings in the English language. It’s personal. We make promises in our private lives, at work, to ourselves. Promises carry a tangible psychological weight. Numerous psychological and economic studies show just how seriously we take making (and breaking) promises, ...

Retail banking is undergoing reform. Close scrutiny and calls for regulatory compliance are shaking up the industry and revealing gaps in operational performance. That means banks need to remain on task and on target more than ever. Under Basel III, insight into debt recovery is a core indicator of ...

EFS

Debt collections software can only solve so many problems without a solid team behind it. Implementation can take years if done incorrectly, as issues are time-consuming and expensive to correct. The better your software provider, the faster the implementation and onboarding process, and the sooner ...

EFS

Loan collections costs are spiralling out of control, according to CEB TowerGroup - Now Gartner. Thanks to a variety of factors, including a fourfold increase in delinquencies from 2007 to 2010, the cost of servicing non-performing loans has skyrocketed. It stands at 15 times the cost of servicing a ...

EFS

Billionaire Warren Buffett once said, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”  Unfortunately, too many collectors don’t think about that, and as a result, they don’t do things differently. Many organizations and t ...

EFS

In the last few years, a wave of change has swept through the Middle East’s traditionally conservative banking sector. Bumper oil revenues had kept the region’s economies afloat, and substantial public investment by governments brimful with cash had transformed nations like Saudi Arabia and the UAE ...

Saudi Arabia and the UAE are the most difficult countries in which to collect debts, according to new research – but they’re far from alone. China, Russia, Malaysia and South Africa also scored badly, appearing in the “severe” category for the complexity of debt collections. The difficulties in the ...

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