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Introduction In today's financial landscape, leveraging open banking data within a creditor's collections function is becoming increasingly pivotal. Open banking, which enables third-party access to banking data through application programming interfaces (APIs), offers a wealth of information that can enhance decision-making and customer engagement. By integrating open banking data, creditors can refine their collections strategies, improve customer interactions, and ultimately, optimise their financial outcomes. This article explores the key elements necessary for effectively utilising open banking data in a collections… Read more

Ensuring compliance with Consumer Duty and regulatory requirements within a collections function is pivotal for creditors. The evolving regulatory landscape necessitates robust measures to stay compliant, protect consumer rights, and mitigate legal risks. This article delineates pulls from our ROStrategy interview knowledge base to highlight the top ten key elements needed for successful implementation, examines their importance, outlines key considerations, and explores the benefits for businesses. Why Compliance with Consumer Duty and Regulatory Requirements Compliance with Consumer Duty and regulatory… Read more

The assessment of affordability and the identification of vulnerable customers are crucial components within a collections function for any creditor. Implementing effective techniques and tools to manage these processes is essential for ensuring fair treatment of customers, compliance with regulatory requirements, and maintaining the financial health of the organisation. This article outlines the key elements needed for successful implementation, highlights the importance of this practice, and details the expected benefits. Why Assessing Affordability and Identifying Vulnerable Customers is Important Assessing… Read more

Implementing a digital collections strategy is essential these days for modernising debt recovery processes. The strategy is aimed at enhancing efficiency, improving customer experience, and ensuring compliance with regulatory standards. By leveraging digital tools and data analytics, creditors can better manage collections, reduce delinquencies, and optimise financial outcomes. Why a Digital Collections Strategy? A digital collections strategy is critical for several reasons. Firstly, it enhances operational efficiency by automating routine tasks and providing real-time data analysis. Secondly, it improves customer… Read more