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 […]
Posts Tagged ‘Debt Collection’
10 Takeaways From Our “Transforming Debt Collections and Recovery Functions” Podcast
Scott Albahary, Perficient’s financial services chief strategist, and I recently spoke with the Western Bankers Association about using empathy and personalization strategies to improve debt collection and recoveries. If you get a chance, listen to the short episode. But, if you can’t, here are the key points Scott and I make: Banks responded generously to […]
Modernizing and Humanizing Debt Collection Under the CFPB’s New Final Rule
On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued a final rule that “focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors can communicate with them regarding their debts.” This is the first time the parameters under which debt collectors can operate have been […]