Offering certainty in an uncertain world: Digital first approaches towards debt collection to increase recovery effectiveness

The global economy is slowly recovering after getting ravaged by the COVID-19 pandemic in 2020. The pandemic introduced multiple uncertainties, such as supply bottlenecks and higher input costs, which are plaguing businesses and forcing them to hold more liquid assets and precautionary inventory, which requires higher working capital. The requirement for a capable collection system has never been more critical since the subprime crisis. In the current scenario, lenders who lag the adoption curve will have to embark quickly on a digital transformation course or risk losing competitiveness.

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