Do you have the critical components and processes needed to manage the unprecedented level of delinquencies that we are currently facing? To further complicate things, layer on the fact that the customer journey is constantly being redefined by regulators, internal constraints and customers themselves, and it’s clear to see why organizations, seeking to address challenges by ‘tweaking’ just one or two point solutions in their collections practice, are often frustrated when the expected result does not materialize.
Whatever phase your portfolio is in, agility and control are key to the next 12-18 months. No one can afford to maintain a state of over or under preparedness. Digital communication channels should be robust when and as needed for everything from the simplest payment reminder to executing alternate payment program. Having a full view and accurate assessment of the customer both within the walls of your organization and externally will allow proper planning and the precision needed when volumes spike.
Core collections capabilities have both expanded in number and matured in sophistication. Like an orchestra, the closer to optimal each capability is, the greater the outcome for the credit grantor, and the customer.
Learn how FICO can help you transform your collections practice and ensure that you optimize your customer journey and related results.
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