The 2021-2023 period saw employment freezes, interest rate hikes, and supply chain problems, all of which had a significant impact on inflation. Consumer debt grew as a result of increased financial strain and a decline in savings. In order to streamline collections, maximize cash flow, and preserve a positive client relationship, the collection plan for 2023 should keep up with technological advancements.
With debt collection becoming increasingly technology-driven, an analysis by Gartner found that intelligent systems will drive 70% of customer engagements.
We believe that the debt collection industry shall be no different. In order to improve their chances of success, businesses must today combine cutting-edge new technology like Gen-AI, which are likely to continue to shape the debt collection industry.