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Debt management today is challenged to break out of its reliance on the reactive, “gut-check” tactics of the past in order to operate within fixed resources to maximize effectiveness. The trend is clear: More and more lenders are modernizing to improve collection and recovery results. By using analytics, lenders can make smarter decisions and develop strategies that best balance their competing priorities. As they build this functionality into their practices, they are realizing the ongoing benefit to their business — and the positive impact it can have on the entire customer lifecycle.
Sonja Clark, Senior Consultant, Applied Optimization Solutions at FICO, shares her perspective on this trend and suggests approaches for businesses wanting to expand their capabilities.