The document discusses the need for a future-ready collections model that utilizes digital technologies like analytics, automation, artificial intelligence, and machine learning to improve interactions with customers. Traditional collection methods are no longer effective due to issues like high volumes of unanswered calls. A future-ready model could streamline operations, strengthen customer segmentation, and transform the collections experience through more positive engagement using these new digital levers. This would allow for stronger returns through happier customers and realization of greater value.

1. Collections of the future
A study by

2. 94% of unknown calls
went unanswered
According to Hiya’s 2021 State of the Call report on global
data from more than 150 billion calls processed in 2020,

3. contact with a customer
Imagine the number of calls a collections representative
would need to make periodically to establish

4. 7,000 collection
agencies in the US
A year back, there were nearly

5. more than
$10 billion
The industry’s annual revenue stood at

6. Approximately
one-third of customers
According to a Consumer Financial Protection
Bureau (CFPB) survey,
with a credit bureau file reported being contacted by at least one
creditor or debt collector for one or more debts in the previous year.

7. Debt is a stressful

8. Debt is an embarrassing
issue for people at the best of times

9. experience worse
But the traditional collections model makes the

10. recouping debt
Traditional methods for
are no longer fit for purpose.

11. receive collections
calls,
Not only is it obtrusive and humiliating to
it’s also completely out of touch with how
people prefer to interact with businesses

12. It’s high time things
changed …

13. streamline operations
Lenders need to
And strengthen segmentation with an agile approach to
Collections.

14. future-ready
collections model
Learn about key considerations for lenders as they design a

15. Digital Collections
A framework to unlock value with technology shifts in

16. Analytics
Learn how ‘Collections of the Future’ puts forward
a model with digital levers including:

17. Automation
Learn how ‘Collections of the Future’ puts forward
a model with digital levers including:

18. Artificial Intelligence
(AI)
Learn how ‘Collections of the Future’ puts forward
a model with digital levers including:

19. Machine Learning
(ML)
Learn how ‘Collections of the Future’ puts forward
a model with digital levers including:

20. Re-imagine the
collections experience
Transform creditor/consumer debt engagement.
.

21. Scaling your
operations while
reducing costs
Most of all a positive experience for the customer resulting in:

22. Realizing stronger
returns
Most of all a positive experience for the customer resulting in:

23. Creating happier
customers
Most of all a positive experience for the customer resulting in:

24. Supercharging the
collections experience
Collections of the Future
Download the full research by the Everest Group here:
https://www.firstsource.com/insights/whitepapers/collections
-of-the-future-study-everest-group/

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