While some banking functions may get through the COVID-19 pandemic and return to something approaching normal, this can’t happen in debt collection. We need to seriously alter the way we do business. Debt collection has lagged other functions in terms of investments in technology and improved practices. That has made the current crisis nearly unmanageable for many institutions.
Let me share four best practices used by industry leaders today—which should be made not best practice, but standard practice by all debt collections operations.
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