Managing credit card delinquency in times of consumer angst
Three things to do to ensure portfolio performance and maintain member loyalty
Economic prognosticators and financial institutions are anticipating an inevitable rise in credit card payment delinquencies and charge-offs due to the economic fallout of the COVID-19 pandemic. With no end in sight to the economic turbulence and uncertainty—writ large—permeating the financial landscape, financial institutions need credit card delinquency strategies that will work effectively amid that ongoing uncertainty.
With change a constant, what can financial institutions do to ensure credit card portfolio stability for the long term, in good times and bad?
An emphasis on professionalism, consumer empathy, and nurturing relationships is the most durable approach to maintain your front-of-mind and top-of-wallet card status, ensuring your portfolio performs and your consumers value their affiliation with you.
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