Today, few lenders enable defaulting borrowers to manage payments via alternate channels such as mobile services. However, digital strategies can dramatically improve collections performance. Banks that use these services can significantly increase both contact rates and payments received—at a lower cost than traditional methods.
The FICO Insights paper shows how:
- Lenders are taking advantage of mobile services to improve customer communications
- Digital strategies can improve collections results and reduce costs
- Lenders can fully leverage mobile services by integrating them into multi-channel strategies
To download the FICO Insights paper click on the link: How Mobile Communications Can Improve Collections