Skip to main content
Skip to footer

  • Banking / WHITE PAPER

Reimagining Collections in Financial Services Using Customer-first Strategies

 

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.

Leveraging technology to address operational challenges and customer pain points

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:

  • Improve the quality of customer interactions
  • Deliver a frictionless, superior experience
  • Facilitate debt collection compliance
  • Enable personalized collection strategies

Related reading

Cloudification of the debt collection process

White Paper | 13 Nov 2022

ExperienceOps transformation in BFSI

White Paper | 13 Nov 2022

Digitalizing trade finance

Solution | 24 Oct 2022

New-age banking services

Blog | 24 Oct 2022

Transformation starts here

Ready to move from enterprise to ecosystem?

Talk to our experts

Find out more