What is digital debt collection and what does this mean in 2022?

There’s no single way to define digital debt collection (also referred to as omnichannel collections or digital recovery), and not every digital solution will work for every type of debt. Generally, it means using a combination of digital tools, like SMS/texting, emails, and self-service portals to collect on delinquent and charged off accounts. A really good digital debt collection strategy will include layers of many of those digital channels, will integrate those channels into a cohesive consumer communication machine, and will be optimized to meet consumers where they are.

Want to know how lenders can improve their digital debt collection strategy right now? You're in the right place.

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