Financial institutions across the spectrum, whether it be banks, credit unions, or wealth management firms, are beginning to face a challenge that threatens their very survival. Various headlines paint a sobering picture: Moody’s Cut’s Ratings of 10 US banks and puts some big names on downgrade watch Credit card delinquencies surged in 2023, indicating […]
Posts Tagged ‘collections’
Student Loan Repayment Challenges
In March 2020, the student loan forgiveness program was initiated, providing relief to many borrowers. However, in October 2023, loan payments resumed, presenting new financial challenges. While the temporary pause was beneficial, it left numerous individuals still grappling with the task of managing their additional financial obligations. Borrowers now confront the daunting prospect of resuming […]
No more checks, please. Your business needs a digital payments strategy.
The digital payments landscape has undergone a significant progression, evolving from a luxury reserved for large enterprises to a necessity for businesses of all sizes. Businesses seek to optimize their operational efficiency as part of their digital transformation. In today’s business environment, physical checks present several challenges that hinder operational efficiency, including time-consuming processing, high […]
Debt Collection Modernization: The Moment for Bold Action
For those of us closely looking over bank results for any signs of an economic recession, there is more evidence that we’ll be there soon if we’re not already here. Wells Fargo announced on July 15th that revenue and profits missed estimates. Of interest was CEO Charlie Scharf expects “credit losses to increase from these […]
Pandemic Car Buys, Rising Interest Rates, and High Gas Prices: A World of Hurt for Lenders
It really is a mixed up, muddled up, shook up world. It seems like everyone in 2021 took out a loan on a new car, even though we all knew supplies were low and demand was high. As the Financial Times pointed out: “Americans went shopping for cars in a big way during the pandemic. […]
The Value of Empathy in Debt Collections
Monday, February 21st marks the beginning of Empathy Week. Empathy Week was founded in London in 2019 as an initiative to use storytelling through film to cultivate empathy among school children. During Empathy Week, students are shown one short film each day that showcases a unique human experience. The films’ themes are interlaced into lessons, […]
5 Key Takeaways From Our “Optimization Strategies To Improve Collections” Webinar
Financial institutions must prioritize instilling empathy when interacting with their clients. It’s more critical now than ever because of the economic hardships many are facing due to COVID’s impact. In our latest webinar, “Optimization Strategies to Improve Collections,” Scott Albahary, Perficient’s financial services chief strategist, and Byron Gifford, Perficient’s collection transformations lead, shared tangible solutions […]
Improving Debt Collections – It’s More Than Just Technology…
Our financial services practice is helping banks, credit unions, and other credit providers optimize their collections process by infusing omni-channel technology, process improvements, and best practices. We’re helping them connect with more customers than ever before, and in new ways, to achieve higher contact rates. Through our work, we’ve found that other opportunities exist…beyond technology. […]
Are You Losing Good-Credit Customers to Suboptimal Debt Collection Practices?
2020 had a significant impact on families from many perspectives. Consumers who worked extremely hard to achieve coveted top credit scores were caught off guard and ended up having to rely on their savings to stay in good standings with banks and creditors. Unfortunately, no one could predict how long the impact would last, and […]
Leadership: A Vote of Confidence
Whether your professional life resides in an Accounts Receivable atmosphere or not, leadership is critical. A common misconception about collections or accounts receivable is that it’s strictly all about the numbers. While on the surface it may look like that, the reality is that leadership and communications experts are at work and the byproduct is […]
Adaptability in an Ever-Changing Financial Services Landscape
Good day and greetings from the Financial Services area. For those who have read my previous blog entries, I would like to communicate a warm thank you and I hope to keep engaging your interest. Even though I post under the category of Financial Services, I try to find a balance between business sensibilities but […]
Accounts Receivable Specialist as a Career. How Did I Get Here?
When I grow up I want to be an accounts receivable specialist…said no child ever. If you would cruise through career day at any number of schools, you would be hard pressed to find any child who even remotely knew what the accounts receivable concept was. So how does someone go from: I want to […]