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Insights
As the ongoing impacts of rising costs roll into 2023, banks are facing a number of challenges. Increased risks, heightened energy costs and a slowing economy are affecting debtors’ capacity to service their loans, with notable impacts in loan quality across numerous sectors.
In the midst of a financial landscape fraught with economic uncertainty, businesses across virtually all sectors are in search of ways to increase process efficiency and yield greater returns on investment. Collections departments are no exception to these stresses, and increased lending is leading to higher rates of loan delinquency and greater recovery challenges for lenders. So to help your business improve your recoveries without the roadblocks created by manual collections tasks, here are some key process transformations to consider.
When combined with widespread economic austerity and an increase in staff layoffs, a swell in lending results in higher rates of delinquency and defaults. This presents a significant challenge for collections departments relying on legacy systems to manage their communications and gather data. To offset this, find out how your collections department can better navigate widespread economic challenges with these essential ideas for businesses.