When creditors and lenders take on the task of managing the collections process themselves, they must take a strategic approach to this task. An important part of any collection strategy is keeping the customer at the forefront of your plans. But these collection strategies must also help organizations be as efficient and effective as possible. Of course, technology solutions can help with this.
Making collections in today’s digital age is a much different process than in previous years. Digital communication is the norm for today’s consumers, so collections and recovery organizations must be able to connect with these customers through digital channels.
Because of this, collections and recovery organizations must first conduct an honest evaluation of their current state of affairs before starting any collection strategies. What is the level of digital maturity? Is your organization still heavily analog? Just how much of a technology investment is needed?
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