See How Lenders are Improving Collections in 2018
The world of collections is constantly evolving, with disruptions in the market happening by the day. Driven by advances in everything from payment apps to eCommerce experiences, consumers today are accustomed to paying for goods and services using their favorite methods, simply and securely.
For lenders, this means offering consumers the types of experiences they might expect from tech-forward retailers or big banks. To meet this demand, consumer finance companies indicated in a recent Ovum survey what they are developing to improve the collections experience, including:
61% mobile-optimized website
57% real-time clearing and settlement
30% virtual collection agents
Why is this so important?
The bottom line is that offering customers their favorite ways to pay will improve your bottom line. Creating convenient ways to pay can reduce late payments by up to 76%. In fact, mobile devices account for more than 40% of all online bill payments, a number sure to increase in the future. If you’re not offering these services and capabilities, you run the risk of losing collections, increasing staff time spent chasing collections, and falling behind competitors who give consumers their favorite ways to pay.
The good news is that you don’t have to go it alone. Join SAFCO and ACI Worldwide for an exclusive webinar discussing the challenges facing lenders and how to build a collections strategy to maximize customer satisfaction and revenue. You’ll get expert insight into emerging solutions, successful implementations, and ways you can improve the billing and payment experience in 2018.
April 30th, 2018 by Dan Bucherer