Amid continued economic pressures including rising interest rates and inflation, many consumers are struggling financially, leading to an increase in collections volumes. As such, lenders and creditors are looking to drive better financial outcomes for their customers — resulting in more focus on the back end of the customer journey, particularly account management and collections.
For financial institutions hoping to retain more customers and boost profitability, creating strategies to assess and ultimately modernize internal first-party collections processes is a smart place to start. In this playbook, TransUnion outlines components of and provides best practices and tools for efficient first-party collections, including:
- Three foundational principles for improving account management and collections outcomes
- Key strategies for predicting delinquency risk and optimizing customer outreach
- Operational assessment exercises for evaluating your organization's abilities and readiness, complete with recommendations that solve for your unique results