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Covid has made it ultra difficult for debt collections teams to do their jobs. More people than ever will be struggling to make payments, and thinning call centre and other staff will make it harder to prevent people from going into arrears or to manage their accounts in the best way for businesses and debtors alike.

Every year, the debt collections and recoveries sector holds its collective breath as the Celent ABCD Vendor View on Retail Loan Collections Solutions begins landing on desks and desktops across the world.

As we settle into the third decade of the 21st century, it could be assumed that startup and challenger banks are starting the decade on the best possible foot. 

haria-compliant banking is a politically sensitive issue in many Muslim-majority countries and, on paper at least, it’s easy to see why.

One recent UK banking trend that’s proven just as divisive as the political landscape of the country – Open Banking.

Fintech upstarts have swept the financial world like a hurricane in the last decade, uprooting the antiquated operating processes and infrastructures of many legacy institutions in the process.

Financial inclusion has long been a challenge in many countries across the Middle East and North Africa. For example, according to Egypt Today, just 14% of adults in Egypt have a bank account.

Over the past 12 months, debt collections has continued to evolve at a rapid rate. Customers are demanding more flexibility and streamlined service which better reflects the high demands of modern-day living.

Cybersecurity has loomed over the retail banking industry and its debt collections processes for years as more high-profile cyber-attacks continue to hit the headlines.

Debt collections records are very sensitive as they contain a significant amount of financial information about customers. This makes retail banks who offer loans, credit cards and mortgages the perfect target for cybercriminals.

Debt collections is a complicated business. There are many moving pieces to juggle and any number of things that can go wrong. That’s why many banks choose to outsource some of their debt collections operations to third party agencies.

Problems, however, can arise when there is a communication breakdown between banks and agencies, or when there is a disagreement. This is where solutions like the EXUS Financial Suite (EFS) step in to help organisations work together and recoup debts reliably and consistently.