Debt Collections (ARM)
ClearTouch – Making Debt Collections Easy and Simple!
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Digital technologies have revolutionized debt collection by making the process more efficient, customer-friendly, and compliant with regulations. A digital-first strategy can lead to cost savings of up to 60 percent for lenders, while borrowers receive targeted reminders in a respectful and non-intrusive way. As a result, more debt is collected at a lower overall cost.
The debt collection industry underwent a major transformation in 2022. The latest modification to Reg F, the lender’s digital-first strategy to engage with consumers, and the improving economy will make collections go the technology route.
According to a Crisil report, the banking systems’ gross NPAs may rise to 8 or 9 percent by the end of FY22. Ensuring timely payments and managing collections is crucial to maintaining healthy balance sheets.Request a Demo