Leading the way in innovation for over 50 years, we build greater futures for businesses across multiple industries and 131 countries.
Our expert, committed team put our shared beliefs into action – every day. Together, we combine innovation and collective knowledge to create the extraordinary.
We share news, insights, analysis and research – tailored to your unique interests – to help you deepen your knowledge and impact.
At TCS, we believe exceptional work begins with hiring, celebrating and nurturing the best people — from all walks of life.
Get access to a catalog of the latest news stories from across TCS. Discover our press releases, reports, and company announcements.
Banking / WHITE PAPER
I Kumaravelu
Industry Advisor and Transformation Head, Banking, Financial Services and Insurance, TCS
Santhosh Kumar Ravindran
Domain Specialist and Transformation Consultant, Banking, Financial Services and Insurance, TCS
Venkateswaran Mrithinjayan
Solution Architect, Banking, Financial Services and Insurance, TCS
You have these already downloaded
We have sent you a copy of the report to your email again.
Financial institutions face challenges in debt collections given limited digitalization, scarcity of experienced agents, increasing delinquent accounts, and rigid, templatized strategies. Income and job loss due to the COVID-19 pandemic will further worsen the situation – all of which could well result in a liquidity crunch. Banks will therefore need to revamp their debt collection strategy by incorporating technology tools. The way forward lies in using virtual agents, artificial intelligence (AI) backed automation, and advanced analytics in debt collection.
Since debt collection is a human centric function, we believe that banks must define a hybrid debt collection strategy with the right mix of human and virtual agents – human agents to handle sensitive interactions and virtual agents to manage basic functions and act as collectors’ digital assistants. A shift to digital in collections will empower banks to:
TCS Services for Finance and Accounting Operations
Core-to-Cloud Transformation in Financial Services
TCS Customer Interaction Analytics: Driving better customer experience
TCS Business Model Transformation Services for the BFSI Sector