Fico Collections

FEBRUARY 9, 2023

Looking at the bigger picture, banks, lenders, financial institutions, industry and commerce are all now facing the same challenges — on a macro scale. It will also put financial institutions in a prime position to flourish in the evolving banking sector.

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Fico Collections

JANUARY 5, 2021

What else made for the hottest reads in 2020 for fraud and financial crime? Here were our top 5 posts: #1: Fraud And Financial Crime Convergence. TJ Horan reported on a key takeaway from the Aite Financial Crime Forum : lenders are serious about combining their fraud and financial crime protection systems.

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Re:Ceeve

JULY 16, 2020

Why does this matter to someone in debt collection or banking? Knowing them is the key to the future of debt collection and banking. Self-Service: While we have already covered the significance of self-service in debt collection in our previous post , this term carries a stronger connotation in the context of millennials.

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Fico Collections

JUNE 22, 2022

Now consumers expect the same level of innovation, customer experience and digital transformation from financial institutions. A key capability of FICO Platform is a quick route to a customer profiling engine, which processes large volumes of customer transaction data to create digital profiles of customers.

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Fico Collections

JANUARY 10, 2023

We also heard from two Brazilian financial institutions about how they were leading the way in deploying WhatsApp as an integrated channel for customer communications and were seeing customer response rates of over 70%. Matt recommended that lenders: Mitigate the risks now. Read the full post. For banks, knowledge is power.

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Collection Industry News

NOVEMBER 8, 2021

In late October, the Consumer Financial Protection Bureau (CFPB) sent a shot across the bow at Big Tech’s use of consumer payments data. While much of the industry has focused on the impact on Big Tech, some lenders, lead generators and data brokers may be unaware how the recent orders impact them. They do, and we explain why below.

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Fico Collections

MARCH 7, 2023

At the same time, examples of AI-powered financial institutions denying credit applications because of bias unwittingly loaded into the AI engines’ algorithms also eroded trust in AI for credit decisions. Up to 27% of organisations in this sector haven’t even started defining their ethical and responsible AI capabilities yet.

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Fraser

SEPTEMBER 28, 2020

Depending on the dollar amount at stake, and the differing viewpoints of the parties as to the merits, some claim objections will not be capable of resolving and it will be necessary to litigate to a resolution. In such instances, additional discovery and a trial before the bankruptcy court may be necessary.

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Katabat

DECEMBER 16, 2019

which offers enhanced security, additional payment platform integrations, and improved client communication capabilities. “We We always focus on improving our clients’ experience with each major release of our debt collections software,” said Katabat CEO Ray Peloso. The latest capabilities in Katabat 9.0 WILMINGTON, Del.,

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Katabat

APRIL 7, 2021

of the Katabat platform , its latest significant software update focused on enhanced security features, additional platform integrations, and improved client communication capabilities. The single, integrated solution provides clients with the power to control all their debt collections execution in one, unified strategy.

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Fico Collections

DECEMBER 15, 2021

This data can be used by all areas of the bank that interact with customers, from marketing and customer service to risk management and collections. This insight combined with an omni-channel communication capability will increasingly be the infrastructure that institutions move towards. This may prove problematic.

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Katabat

DECEMBER 27, 2019

This significant software update includes enhanced security features, additional payment platform integrations, and improved client communication capabilities. In fact, a recent report from TransUnion found that one in five collection firms are offering mobile payment options including Paypal, Venmo, and Zelle. The post Katabat 9.0

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Fico Collections

NOVEMBER 23, 2020

Knowing Your Customer, or KYC, is just as critical in debt collection as it is in other parts of the business. However, a recent survey by FICO and Censuswide shows just how far lenders are in the UK from doing effective customer communication based on KYC. Monitoring of transactions – fraud and money laundering prevention.

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Fico Collections

JANUARY 27, 2022

This indicates that in the UK those most under financial pressures are those with the higher balances, and this may also be the result of more lax collection approaches taken earlier in the pandemic. Over the coming months, having a strong collections process will be essential. Source: FICO Benchmarking Service. .

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Fico Collections

JANUARY 11, 2023

Data scientists are a new breed of analytical experts, responsible for collecting, analysing, and interpreting extremely large amounts of data. Europe’s Hoist finance saves hundreds of tons of carbon through digital collections. Generative AI has been a big buzzword lately, with slick image generation capabilities grabbing headlines.

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Troutman Sanders

JULY 20, 2020

The Safeguards Rule Today: The Safeguards Rule requires financial institutions, and potentially affiliates, to keep non-public personal information secure. The Safeguards Rule Applies to Financial Institutions. The term “financial institutions” could be somewhat deceiving to those not familiar with the Safeguards Rule.

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Fico Collections

NOVEMBER 15, 2022

Successfully devising Next Best Actions / Next Best Offers is a win-win for lender and customer alike. All components are integral to informing and allowing financial institutions take advantage of each and every single customer interaction. Next Best Actions for Collections Prevention. See all Posts. Related posts.

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Troutman Sanders

MAY 2, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan, as well as provide a framework for how these loans will be treated under the Truth in Lending Act. On April 28, Venmo announced that users of the mobile payment service will offer expanded cryptocurrency-related capabilities.

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Fico Collections

JANUARY 5, 2023

In 2018, FICO introduced the UltraFICO Score , leveraging consumer-permissioned financial data combined with account aggregation technology and distribution capability to provide lenders with new insights and consumers with enhanced access to credit.

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