Quick Q&A on
Recognizing collections’ critical contributions to banking’s bottom line
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Is your organization thinking of its collections as a revenue driver? It’s time to reconsider the impact of effective collections for the whole enterprise, especially as digital efficiencies remove the silos that traditionally separated departments within banks and credit unions.
How can collections data be leveraged? It delivers insights on underwriting, customer friction and fraud vulnerabilities. Collections provide valuable intelligence for marketing, for instance, by revealing product features that may contribute to delinquencies. All told, collections are the last line of defense before writing off losses, a point of intervention that more significantly impacts the P&L than other revenue-generating initiatives.
In this Q&A with Lynne Cox from Bridgeforce, you’ll learn:
- Why collections are an important contributor to improving margins
- What the key steps are in enhancing efficiency and cutting costs within collections departments
- Which digital opportunities can reduce your collection spend and maximize self-service
- How banks and credit unions can advance a multifaced collections strategy
- Why training collections agents to hone empathy skills and more is still so important
