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That quote, from a collections executive at a large financial institution, perfectly encapsulates the challenge facing debt collection leaders at large. In the face of rising delinquencies and a looming change in the credit cycle, financial institutions are still much more likely to invest in analytics and technology that will generate new revenue and relationships than they are in capabilities that will drive improved debt collection.
This fact was confirmed in a recent white paper commissioned by FICO — Beyond the Call Center: Emerging Strategies for Collecting Consumer Debt — outlining the biggest strategic trends in debt collection for large US lenders.
In this Q&A, Anthony Riggio, Pre-Sales Consultant for Customer Communication Services at FICO, discusses how lenders can overcome this obstacle through self-service, omni-channel communication capabilities.