A recent webinar, hosted by Chris Warburton from ROStrategy and Marios Siapas from Exus, delved into the latest trends in the collections and recovery industry, based on a comprehensive survey conducted in Q3 of 2023.
The webinar offered valuable insights into the evolving landscape of collections strategies, the impact of economic factors, the integration of technology in collections processes, and the industry’s approach to customer engagement and vulnerability.
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- The survey was conducted over two years to understand trends in collections and recovery.
- Arrear levels have been influenced by rising energy costs, inflation, and interest rates.
- Digital channels are increasingly pivotal in collections strategies.
- Traditional methods like telephony still play a significant role in collections.
- AI, including large language models, is gaining attention for early-stage delinquency identification.
- There’s a notable shift toward more empathetic and customer-focused collection approaches.
- Financial hardship and vulnerability are key concerns in collections strategies.
- Compliance and integration pose challenges in adopting new technologies.
- Future technology trends in collections include digital self-service and chatbots.
- Benchmarks in collections metrics were discussed, offering a global perspective.
- The survey also explored potential future topics like economic challenges in collections.
- The role of customer experience in collections is gaining importance.
- Arrear levels increased from 58% to 71% between Q1 and Q4.
- Over 90 respondents globally participated in the survey.
- A significant shift in digital adoption in collections was observed, from 48% to 55%.
- The majority still rely on telephony for outbound communication in collections.
- Digital methods are increasingly being used for prompting customer action.
- The collections and recovery landscape is rapidly evolving with a clear trend towards digitization.
- Economic factors like inflation and interest rates are significantly impacting arrear levels.
- Digital channels are not just supplementary but are becoming central to collections strategies.
- Despite the rise of digital methods, traditional telephony remains a key tool in collections.
- The potential of AI and large language models in collections is recognized but yet to be fully exploited.
- A paradigm shift towards empathy and customer-centricity is evident in collections approaches.
- Addressing financial hardship and vulnerability is becoming integral to collections strategies.
- Integrating new technologies into collections processes poses significant challenges, especially in compliance.
- The future of collections technology is leaning towards automation and customer self-service.
- Global benchmarks in collections metrics provide a valuable perspective on industry performance.
- Understanding and adapting to economic challenges is crucial for future collections strategies.
- Enhancing customer experience in collections is increasingly seen as vital for success.
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