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 ‘Digital Collections’
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 […]
The CFPB Regulation F Requirements Take Effect in Less Than 60 Days – What’s Your Plan?
In less than 60 days, the CFPB Regulation F requirements take effect. In simple terms, it means collectors can: Make seven call attempts within a seven-day period Make one call within a week of speaking with the “right party.” Strategies must be altered, and creating sequencing that supports your delinquency goals and loss forecast can […]
Credit Providers Can Benefit From Newer Practices, Even in the Face of Uncertainty
“It takes time for loans to go bad and the full extent of problems to surface, so I’d predict this is likely to be a 2023 issue.” That’s what Michael Jamesson, a principal at the bank consulting firm Jamesson Associates, told American Banker when asked about the long-term impact Covid-19 economic relief might have on […]
Bank, Credit Unions, and Other Credit Providers Must Get Ready To Prevent Loan Losses
The last 18 months surprised the collections industry as it relates to forecasting future losses for respective loan portfolios. Many banks, credit unions, and credit providers were left asking themselves, “when do we expect this to turn?” In speaking with many industry leaders in the collection space during the pandemic, they stated it was a […]
5 Powerful Statements for Your Debt Collections Call Model
When was the last time you revisited the debt collections call model your agents follow? Is it suitable for customers who are late today – versus years ago? Customer contacts made via phone calls must become more than an ask for payment and the total amount due. Here are 5 powerful statements that must be […]
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 […]