In today’s world, economic fragility is a turbulance and regardless of the size, any country or sector can come across with it. Collections is a pivotal experience between a company and its customers, it can either break the connection or strengthen the ties.
Banks and other lending institutions are experiencing constant stress in their loan portfolios as a result of financial crisis periods and recession times which has proved to be slow to recover. In many cases the institutions increase their traditional collections capacity and efforts (more staff, more letters, more calls) and forget how their resources and customers are sensitive to this process.
Collections is a delicate activity with regards to customer experience, contact policy, channel optimization and human recources. The traditional methods unfortunately, can’t help determine how, when and through which channel to get in touch with the customer. Collection Optimization help optimize collections process from every angle and have a dramatic positive impact on profitability while also greatly improving the customer experience.