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.