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How to Prepare for the Upcoming Debt Collection Tsunami in the Age of COVID-19 and Beyond | August 6, 2020

6. August 2020

How to Prepare for the Upcoming Debt Collection Tsunami in the Age of COVID-19 and Beyond

Strategies and tools for post-crises customer communications for collections and recovery operations

Webinar

Datum: 6. August 2020

11:00 a. m. PDT | 2:00 p. m. EDT

The COVID-19 crisis is upending the auto industry compelling many auto lenders to rethink their customer communications and collections strategies. Such adjustments are driven by the current payment holidays and forbearance programs but are also critical in preparation for the after-effects that some experts characterize as an "upcoming debt collection tsunami".

Whether the collection tsunami will actually happen remains to be seen. But what is very clear today is the fact that auto lenders need to look at their customers with a second lens to assess whether they have been affected by COVID-19 and how that fact may have changed their behavior post the crises and what this means from a collection treatment perspective. This puts a huge burden on C&R and call center operations.

Join FICO for this webinar to learn strategies and tools for post-crises customer communications for collections and recovery operations.

You will learn how to:

  • Utilize virtual agents and self-service options to collect data required to assess customer situation
  • Understand customers situational change and communicate with customers post-crisis
  • Design new strategies for different collection groups based on behavioral changes
  • Avoid repossessions and offer your customers strategies for recovery
  • Automate communications regarding eligibility and execution of payment holidays or forbearance programs
  • Handle self-resolution options for payment plans or strategic loan restructuring
  • Significantly increase your levels of customer self-serve when managing higher fraud alert volumes

Changes in customer behavior pre-, during and post-crisis dictate different communication strategies and collection treatments. Are you prepared for a possible "collection tsunami"?

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