As the financial world continues to change, collection strategy testing becomes increasingly important. The purpose of this experimental element to collections strategy management is to observe the effectiveness of new strategies, support continuous improvement of collection approaches, and facilitate adaptability to changes in consumer behavior.
The recent pandemic has given rise to a new generation of customers in collections and accelerated the need for rapid experimentation. Static strategies and scoring models for existing debtors no longer work. More than ever, lenders are pressured to reserve valuable live-agent capacity to handle the increased outbound call volumes and the surge in inbound requests. Identifying successful initiatives and strategies, improving as needed, and scale-up will help overcome the challenges ahead.
Learn how you can take advantage of new technologies to improve and optimize your collections strategy by watching EXUS’ Marios Siappas and Adastra Business Consulting’s Tomas Wolf as they share experiences from debt collections experiments in implementations around the world.