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10 things you need to know about digital collections

 

Now that most financial institutions have embraced the digital channel for mobile banking and marketing, many of them are now turning their attention to expanding the use of digital communications in other areas of the consumer credit lifecycle. One area in particular, is collections and recoveries. The digital channel can be a highly effective and efficient way to improve collections, especially given its low operational cost and high customer contact rate. However, there are ten critical things you need to know about digital collections in order to have success with this channel.