Boston, July 2, 2019 – Consumer lenders invest considerable resources to figure out how best to target their marketing efforts and create frictionless loan application and origination processes. Now that consumers are accustomed to this customer-centric approach, U.S. lenders need to apply similar types of techniques in the debt collection context to preserve the overall customer relationship and increase the likelihood of collecting on delinquent debt.
This report examines leading financial institutions’ path toward infusing analytics into their collections processes and the current and planned initiatives underway at large U.S. banks, credit unions, and nonbank lenders. It is based on a fall 2018 Aite Group survey of 22 lending executives with significant responsibility for their institutions’ retail credit portfolios and on Aite Group’s in-depth discussions with 10 debt collection and default management executives, which took place in January and February 2019.
This 31-page Impact Report contains 13 figures and three tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.