The Digital-First Collections Strategy Imperative – McKinsey & FICO

Time: 4 pm BST / 11 AM ET

"With families continuing to struggle to make ends meet, lenders that find the right combinations of digital-first customer support will experience the benefits, including longer-term customer loyalty and insurance against being left in the wake of more ambitious peers."

A new article from McKinsey, Holistic Customer Assistance Through Digital-First Collections, spells out the gains from using technology to improve debt collection in the pandemic – and after. The article notes that lenders using the right tools in the right combination have seen reductions in NPLs of 20 to 25 percent, alongside huge cost takeouts, lower conduct risk, and more than 25 percent boosts to customer engagement. One lender shortened its average repayment time by as much as five times.

Join one of the article's authors, Matt Higginson of McKinsey, and Bruce Curry from FICO to discuss the article's findings and recommendations for your business. We will discuss:

What is the state of customer assistance today?
What actions are lenders taking now (in the shift to digital-first)?
How can improved customer assistance add value?
How do lenders get started on a customer assistance transformation?

This free webinar will help you build your roadmap for collections success as the economy opens back up, government support schemes end, and borrowers grapple with their finances.