AI Chatbots in Banking: 5 Tips to Monitor Effectiveness
AI-powered chatbots are poised to bring efficiency to banks and streamlined service to customers. Here’s what you should keep in mind when it comes to a new technology like AI...
Customer Service
Boost Collections Success with a Positive Customer Experience
This article originally appeared on Bridgeforce's blog, and is reposted here with permission. Over half of all customers will experience collections. So the customer experience you provide is vital to...
3 Serious Challenges with Collecting Past-Due Debt and How to Solve Them
Americans’ financial situations are worse than expected in early 2023, and 79% of consumers report that they are living paycheck to paycheck, up from 64% in early 2022. While consumers...
3 Steps to Preserve Customer Loyalty through a Delinquency Cycle
It’s at least 5x more expensive to acquire a new customer than to retain an existing customer. As the layoffs mount in the tech and fintech sector and public financial institutions...
How to Earn and Keep Consumer Trust in Collections & Recovery
Do your customers trust you? Do you know if they do? Trust has become a big concern, not only for consumers, but also for regulators and the CFPB in particular....
Why Consumer Experience and Compliance Will Be Critical to Downturn Survival
With a potential recession on the way, creditors need to retool their recovery and debt collection strategy now, says Jake Cahan, CEO of January. In this Q&A with Collection &...
Kredit's Hanrahan on FinTechs and the Need to Get Better at Customer Service and Support Fast
The CFBP's turn to nonbank supervision was fast, but not unexpected, says Dave Hanrahan, CEO and Founder of Kredit. Digital recovery and debt collection is now just another (painful) customer...
A Guide to Buy Now, Pay Later and Digital Debt Collections
Buy Now, Pay Later (BNPL) will have to reckon with recovery / debt collection issues soon. BNPL is a young, but rapidly growing market with big appeal to Millennial and...
3 Under-the-Radar Strategies to Reduce Friction in Authentication for Digital Debt Collection
In collections, authentication equals friction. We’re asking customers to give us their private information, like their date of birth and the last four digits of their social security number before...