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“It’s hard to justify tech development work to collect from delinquent borrowers versus investments that would generate new customer relationships.”
That quote, from a collections executive at a large financial institution, perfectly encapsulates the challenge facing debt collection leaders at large. But in today’s environment, with the pandemic driving NPL (non-performing loan) ratios up to six times their normal level, collections teams desperately need the kinds of analytics used throughout most banks today.
In this Q&A, Arjun Bajaj—Senior Consultant for Applied Optimization at FICO—discusses how lenders can overcome this obstacle through more advanced collections analytics. His insights will help your organization build a business case for analytics in debt collection, and use those analytics more effectively.
FICO collections experts in Europe recently held three webinars showing how to improve results in the pandemic. Watch these for more information:
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Collections operations across the globe are being stretched to breaking point. You're dealing with challenges such as ongoing, significant customer demand; payment relief exit strategies; capacity constraints due to lockdowns; working-from...
Traditional affordability assessments are long processes for both customers and employees, as the average telephony assessment takes up to one hour to complete. As customers rush through the calls, they provide self-declared income and spe...
On the back of the COVID-19 pandemic, many organisations face increasing volumes of debt in arrears, and a higher share of financially stressed customers. In early collections, this requires stronger segmentation, focus of manual activitie...