If 2020 taught us anything it’s that forecasts are far from an exact science. Indeed, this time last year, many of the predictions being made in even the most revered financial circles were being subtly undermined.
5 retail banking trends to look out for in 2021
If 2020 taught us anything it’s that forecasts are far from an exact science. Indeed, this time last year, many of the predictions being made in even the most revered financial circles were being subtly undermined.
More or less? Are strict regulations good or bad for debt recovery?
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 ...
How to sell-in debt collections software to your executive team
Building a business case for debt collection software isn’t all about facts and figures. Even if you recognise the indisputable benefits of collections software, your decision-makers’ perspectives are likely to be very different. Presentation, then, can be the difference between buy-in and bust. He ...
Debt collections systems: 5 questions for procurement teams assessing tenders
The last decade has seen procurement evolve into a vital strategic function in the banking sector. These days, procurement is about more than simple cost-cutting. Economic tumult, tight budgets, demanding customers and increased competition require a procurement team more involved in up front, stra ...
Best Practices for successful debt recovery of auto loans
Navigating the world of collections can be daunting for an auto finance lender of any size. There’s an exhausting list of laws, regulations and processes to be considered, not to mention the staffing and expertise required to be successful. Despite the obstacles, it’s critical an auto finance lender engaged in any type of lending activity have a solid collections strategy, processes and tools in place. A healthy, viable collections strategy will create efficiencies and maximize recoveries – while keeping your lending program thriving in tandem.
Chatbots v Live Chat v Call Centres: Which is better for debt collections in retail banks?
The banking and finance sector is ablaze with chatbots. Bank of America, HSBC, Wells Fargo, Swedbank, Capital One – these are just a few examples of major banks that have (or are set to) release customer service chatbots. For banks, bots are a cost saving; for customers, they are a simple and insta ...
The remote working world and debt collections
Teleworking – “work-from-home” or “home-office” – has been a necessary practice for many firms and workers during the lockdown period of the COVID-19 crisis. During this phase, societies have undergone a large scale “forced experiment” where sectors, firms and people have continued to operate while being physically separated, provided they had the necessary technological, legal and digital security conditions.
The utilities landscape: trust, green energy and debt
Traditional utility firms are finding themselves at a crossroads in 2020. One path leads down the road of tradition - with outdated legacy systems, face-to-face collections and antiquated customer service solutions. The other follows close behind the retail banking industry into a digital future whe ...
Is AI the answer to better debt collections?
Remember the cobrador del frac? Spain’s frock-coated debt collectors took an elaborate name-and-shame approach that emphasised recovering money by any means necessary. It summed up the biggest problem with debt collections: efficiency and customer experience have too often been secondary considerati ...
Why debt collections software is vital in times of crisis
While the impact of COVID-19 cannot be denied, this is not the only crisis impacting the world economy. It’s been a little over a decade, for example, since the last global financial crisis, and many countries have faced conflicts and natural disasters in the interim.
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