Debt recovery continues to be a humongous challenge for lenders. A 2021 study by Ozonetel communications found that businesses, on average, dial 2.5 times to get a debtor on call. Of the total connected calls, a meagre 20% respond positively. The rise in debt and the inability of lenders to recover loans on time has serious repercussions for the industry as well as for the country’s economy. Simply relying on traditional means of collection is no longer an option for BFSI players.

It is crucial to recognize a customer’s preferred mode of communication & invite them into an amicable dialogue process. So, how can an effective, dignified, and customer-centric debt collection mechanism be implemented? Lenders and collection agencies can effectively engage customers with an omnichannel communications strategy. This would involve digitizing their entire collections processes right from call center operations to implementing appropriate customer-centric collections strategies.

Join us to learn how to enable an efficient collection process through data-driven, omnichannel communications while ensuring a convenient and empathetic journey for customers.