It’s easy to fall into the trap of thinking about your customers as one solid group. In a macro sense, they are—after all, they all purchase goods or services from you. However, that’s essentially where the similarities end. When it comes to collections, past-due customers can be divided along a number of criteria: demographic details, their contact preferences, their purchasing habits, and their repayment history (among other things). And while no two past-due customers are exactly the same, you’ll find that many share similar characteristics—and so they warrant being treated similarly. So ho ..read more

2.5 quintillion bytes of data is created each and every day. However, data on its own is of little use—the real magic happens when you turn raw data into tangible assets that add value to your business. As such, data analysis is the bedrock of any modern organisation. But how does this affect collections? Through data analysis, lenders will begin to understand their past-due customers in granular detail: their preferences, their habits, their dislikes, and their wishes. Armed with these data-driven insights, they can begin to craft a range of collections outreach strategies based on quantitati ..read more

All companies—no matter their industry, size, or location—have one ultimate goal in mind at all times: improvement. It’s only natural for companies to want to get better at what they do. Perhaps you want to improve your productivity, the quality of your products, or your customer satisfaction. These are all valid goals. So how can you make these desired outcomes a reality? How can you systematically improve what you do by relying upon cold, hard, objective data instead of subjective hypotheses? By conducting ongoing, machine-learning-driven A/B tests. We’re currently in the Golden Age of A/B ..read more

Debt collection is far from a new concept. As such, it’s safe to assume that debt collections best practices are well-established and highly effective. Right?  Wrong! Modern consumers think, browse, purchase, and communicate differently to their predecessors. This means that traditional debt collection practices generally miss the mark nowadays. In an age where customer experience is king and personalisation a mere expectation, lenders need to reevaluate how they approach collections. We’re going to lay out 6 best practices when it comes to modern debt collection. These fall under two pr ..read more

Introducing a new enterprise software is no easy task. The fruits of one’s effort are not borne immediately. It is a challenging process needing an abundance of clarity, patience and commitment. Knowing where the risks lie and learning from others’ mistakes are key to a smooth and stress-free implementation. So why go through a software implementation process at all? For one, the benefits of implementing better enterprise software—reduced costs, tighter workflow, more profit—far outweigh the hurdles and help stay competitive. In addition, the software implementation process is getting easier ..read more

Data security has never been so important, period! An organisation lives and dies according to its data security. One massive breach and you may never recover—especially given that the average breach now costs a staggering $3.86M.But it’s not just the financial consequences that you need to be wary of. Reputational damage can be just as impactful, if not more so. What’s the solution? Should we unplug every device, frantically scribble all our data onto pieces of paper before locking them up in underground safes?  Of course not. We should, however, ensure that data security guides everythi ..read more

Business automation gets a bad rap. Type the word “Automation” into Google and the search engine spits out this example: ”unemployment due to the spread of automation.” Robots are nevertheless already alive in enterprises. Here’s how to tame the machines and keep your enterprise automation under control. While society tends to focus on the negative aspects of automation, enterprises have much to gain from its adoption. When implemented correctly, automation assists humans by reducing or removing their most time-consuming tasks. Yet, a fully automatic anything is a scary thought for business le ..read more

To quote venture capitalist Marc Andreessen, “software is eating the world”. In 2019, global spending on enterprise software rose 8.5% to reach a staggering $453BN—while it’s estimated that the average company now uses around 16 different SaaS applications. But before you go and invest all your hard-earned cash on the swankiest new tools on the market, there’s one major factor that you need to first consider: onboarding.  Unlike their legacy counterparts, modern enterprise software allows organisations to streamline internal processes, bolster their data analysis capabilities, get to ..read more

“Software is capable of delivering extensive gains before you need to even consider debt collection agents!” Debt collection isn’t a media darling, and you rightfully may know very little about it. What’s probable is that you consider it sleazy or associate it with aggressive tactics. Regardless of what experience you may have had with debt collection, you probably know even less about the players in this segment. They have in years past remained fairly under the radar, and one can deduct why they don’t like to step out into the limelight much. You may even know some names in the industry, hav ..read more

In our previous blog post, we discussed the economic potential of millennials, their debts, attitudes and habits. We also dove into how their insatiable desire to live in the digital world is an important factor for designing business models that aim to cater to this upcoming generation. In this post, we explore the details of the strategies which banks and debt collectors ought to adopt, and what they risk by delaying and denying these changes in their business models. Millennials stand out not just for their spending habits and debt, but also for being hard-hit by not only one, but two globa ..read more