Ten years of underinvestment in the collections and recovery core is coming back to haunt financial services.

The pandemic and consumer preference pushed companies even further into digital interaction and the digitization of operational business practices. New tech has transformed platform capabilities and service expectations. But now, without that investment, too many companies are trying to implement real-deal digital collections strategy without the architecture to support it, argues Michael Orefice, Business Practice & IT Leader at Bridgeforce.

Here's what those companies are missing. New, modular, cloud-based platforms are reinventing collections and recovery right now and many of the pain points that have been plaguing business leaders for decades will disappear, Orefice says. Instead, collections and recovery strategists will need to face a completely new set of challenges: artificial intelligence and advanced data modeling.

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