Digital solutions like email, SMS, MMS, and Push Notifications are the common-sense next step for collections operations industry-wide. These digital solutions can lead to massive improvements in collections performance and can save businesses hundreds of thousands of dollars in operating costs alone. They aren’t, however, a total replacement for phone strategies.
When people ask what Quanta does, there’s one right answer: Quanta creates value. One of our clients, a midsized fintech company, started our engagement with low open rates, low click-to-open rates, and tons of inbound calling taking up a significant amount of their resources. After Quanta developed a new suite of emails and SMS, [...]
Recoveries (collecting on charged-off loans) is an important but consistently overlooked stage of the consumer credit lifecycle. Macro-economic events and the business cycle influence how lenders view Recoveries.
Every year around this time the inevitable occurs in the collection and recovery space; tax season comes to an end. The decrease in collections following tax season is often compounded by the reduction of resources that occurs as tax season comes to a close.
Modernization of the debt collections process can greatly improve collections performance. The question is: where do you start?
How businesses can overcome these barriers to make immediate improvements to their strategies and empower customers to more clearly understand and take action.
Applying these lessons quickly could reduce eventual losses as well as help retain valuable customers for the long term.
These rules will have short- and long-term implications on Collections strategy, operational footprint, compliance, and technology.
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