As inflation threatens economies around the world, personal debt burdens are on the rise. With these increasing debt portfolios, most companies are not equipped to pursue repayments. Hiring challenges make it difficult to recruit, and businesses are unable to scale to meet this spike in demand.
For lenders to enforce claims cost-effectively and implement intelligent debt collections, the business imperative should now be focused on delivering more holistic customer support and debt resolution schemes:
- Engaging with customers on their preferred digital channels
- Improving process and cost efficiencies through automation, artificial intelligence, and other emerging technologies
- Understanding what customers want and what the industry climate demands