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The COVID-19 crisis is upending the auto industry compelling many auto lenders to rethink their customer communications and collections strategies. Such adjustments are driven by the current payment holidays and forbearance programs but are also critical in preparation for the after-effects that some experts characterize as an “upcoming debt collection tsunami”.
Whether the collection tsunami will actually happen remains to be seen. But what is very clear today is the fact that auto lenders need to look at their customers with a second lens to assess whether they have been affected by COVID-19 and how that fact may have changed their behavior post the crises and what this means from a collection treatment perspective. This puts a huge burden on C&R and call center operations.
Join FICO for this webinar to learn strategies and tools for post-crises customer communications for collections and recovery operations.
You will learn how to:
Changes in customer behavior pre-, during and post-crisis dictate different communication strategies and collection treatments. Are you prepared for a possible “collection tsunami”?