Financial institutions the world over are worried about a slowdown in debtors’ payments and ethical debt collection during this time of crisis. At EdgeVerve, we strive to find solutions during these times of uncertainty.
The COVID-19 pandemic places many challenges for banks when it comes to reaching out to its debtors.
Following the CARES Act to a T, call centers are becoming understaffed or even shutting down operations. Moreover, field collectors have been advised to stay at home — heavily limiting debt collection.
Traditional debt collection methods may be putting the relationship with the entire portfolio of delinquent accounts at risk due to a lack of understanding of customer behavior and inaccurate risk segmentation.
It’s of utmost importance to us that you collect effectively without suffering from poor customer experience and engage with customer debts the way that works best for them, thereby ensuring they feel less pressured in these unprecedented times.
Powered by advanced ML capabilities, FinXEdge Collect provides accurate risk segmentation with the help of AI. It leverages credit history, customer behavioral scores, and macroeconomic factors for accurate segmentation and prioritization of delinquent accounts.
Knowing your customer is everything and creating a positive, efficient, and empathetic experience is highly imperative now.