Investment in digital technologies is one way to approach the challenges that the collections industry faces.
Adding visibility to the money management process will ensure consumers keep a tighter hold on their finances while the single point of contact will help them avoid feeling overwhelmed by the sheer volume of accounts they must manage.
In 1920s America the motor car was the ultimate status symbol, but almost no one could afford one. This was until lenders started springing up across the nation.
Financial services companies are deploying chat bots. Customers can make payments, check their balance or even get help on saving money by simply talking to the bot.
Increase collection rates, halve costs, cut delinquency rates. No, we’re not dreaming: digital is set to completely transform the world of debt recovery and collections.
UK consumer debt has reached worrying levels. According to recent figures from The Bank of England, the amount owed on loans and credit cards grew by £1.9bn in March, the highest figure in 11 years.
A modern digital experience would not only help companies to cut costs … it would also help more of their customers to get out of arrears.
You might have heard some of the many words that have become synonymous with the millennial generation, take: ‘Fleek’, ‘FOMO’ and ‘Bae’; but there is one that stands out for all the wrong reasons, and that is ‘Debt.’
Many students aren’t always great at managing their money. For some, it’s the first time living away from home, and not being able to rely on their parents if they suddenly find themselves in the red can be daunting.
Christmas debt, Blue Monday and the digital banking technology that can help customers manage their budgets better.