Consumer debt rose to a new high of $15.6 trillion in the last quarter of 2021 from $14.3 trillion in the first quarter of 2021. More debt means more collections, but it also means more pressure on operations and staff, particularly as rising financial hardship increases the complexity of the recovery process. Quality assurance functions play a critical role in balancing this tension, but also have to deal with an increased workload and a wave of new regulatory requirements.
In his latest Finastra blog, our CEO Nir Laznik, shared how technology can improve an organization’s compliance function and overall operations.
“Today’s most successful collections firms have done a remarkable job of adopting a client-first approach throughout their operations and delivering debtors a consumer-friendly service. These businesses didn’t primarily view Reg F as a burden, but as a way to continue improving their processes while meeting compliance obligations. For example, while regulations require firms to monitor their agents’ behavior and communications more closely, that analysis can also provide tremendous insights for optimizing collection outcomes and training agents that translate into an improved bottom line.” — Nir Laznik
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