By Bridgeforce - The Future of Collections

Banks have invested billions of dollars into digital servicing capabilities in recent years. Yet, less investment and change has occurred within Collections and Default Management – outbound phone-based dialing and written communications are still the dominant strategies when customers become delinquent. There’s change on the horizon. Significant shifts in customer expectations, technology, and the regulatory environment all drive how customers interact with financial institutions, and ultimately, how effective existing Collections tactics are. Financial services firms that continue to use the same tactics without seeing the need for long term change will ultimately begin to fall behind others who adapt more quickly.