Consumer prices across the European Union countries that use the euro currency have spiked to the highest level in over 13 years on the back of rising energy prices and constrained demand during the pandemic recovery.
As consumer goods prices increases and energy costs surge, customers lose their purchasing power resulting in increased missed payments and a rise in debt. For financial organisations, that means that they will have to work towards bringing rising debt on track.
The role of modern technology is determinant since it can contribute to the proactive optimisation of collections. Enabling solutions that combine advanced analytics and digital customer engagement methods, can bring significant value to Collections and Recoveries functions.
Read this report and get an understanding on:
- The reasons for global inflation and customers’ response to the squeeze
- How Collections and Recoveries functions can become resilient during the crisis
- The role of ML, advanced analytics, and digital customer engagement tools as a proactive debt management mechanism
- The use of predictive analytics and automation in improving customer experience and delivering targeted results during the debt collection process.