Digitisation of the debt collection process helps lenders achieve their debt recovery goals quickly. Digital channels are the most hassle-free way of getting in touch with borrowers today. There is a dire need to integrate contact preferences and behavioural segmentation into debt recovery strategies.
A customer-sensitive multi-channel contact strategy helps gather responses from borrowers better than traditional methods. Use of advanced analytics, machine learning, and automation can be used to deliver tailored messages through the customer’s preferred channels, at considerable time gaps. Investing in data analytics, AI and automation can successfully identify and segment customer types and preferences. The cost of implementing a robust multi-channel strategy remains insignificant when compared to the returns it offers to issuers.