Collecting on delinquent accounts is a time-consuming challenge for many financial institutions. The tasks involved are often tedious for internal employees using manual (vs. automated) processes and can lead to a decrease in productivity for your team.
Taking advantage of outsourced collection services can be a more efficient, cost-effective option if your institution is striving to reduce delinquencies and the time employees dedicate to the collections process.
Some institutions are initially hesitant to move forward with outsourcing their collections because their IT team believes it will be too difficult to onboard or switch to a new system from an integration perspective.
However, transitioning your in-house collections to a seamless and efficient outsourced process is not as difficult as you may think. In fact, your institution could transform its collections operations in 60 days or less!
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