Collection Industry News

MAY 11, 2021

On April 30, the CFPB released a report that analyzed the early impacts of Covid-19 on the financial status of consumers. In addition, “[d]espite volatile economic conditions, the average consumer’s financial status improved between June 2019 and June 2020.”

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Credit Card Debt Credit Bureau Banks Collections 40

On Guard

DECEMBER 5, 2022

Amsterdam, 6 December 2022 – 30% of financial officers expect that the business use of smart contracting can bring many benefits to their organisation. This is according to research by Visma | Onguard where more than 580 financial managers and entrepreneurs were surveyed. Only 20% are already familiar with tokenization.

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Healthcare Financial services 52

True Accord

JULY 13, 2023

With tumult in the banking industry in Q2 and inflation and economic stressors persisting, the financial outlook for American consumers remains uncertain. Read on for our take on what’s impacting consumer finances and our industry, how consumers are reacting, and what else you should be considering as it relates to debt collection in 2023.

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Financial Institution Student loans Student Loans Loans 65

Fico Collections

MARCH 22, 2022

The pandemic impacted the financial situation of SME’s in various ways, including the need to suddenly adopt digital banking channels, arrange repayment deferrals and of course an increased need for lending; a need which is increasingly being targeted by new lenders offering a simplified digital lending process.

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Collection Industry News

MARCH 7, 2022

To stave off economic disruption from these conditions, policymakers identified financial support for renters as a need early in the COVID-19 pandemic. The picture for renters has improved somewhat over the course of the pandemic, but many renters are still struggling, according to data from the U.S. That figure declines to 18.1%

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Fico Collections

DECEMBER 10, 2020

Just like with everything else in 2020, COVID-19 affected AI; demand for AI, data, and digital tools soared as the pandemic has put an unexpected, protracted strain on many enterprises. This is despite one-half of survey respondents reporting having strong model governance and management rules in place to support ethical AI usage.

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Re:Ceeve

AUGUST 13, 2020

Data security has never been so important, period! An organisation lives and dies according to its data security. But it’s not just the financial consequences that you need to be wary of. Reputational damage can be just as impactful, if not more so. Reputational damage can be just as impactful, if not more so.

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Education Government Banks Collections 69

UK debt collections

OCTOBER 14, 2021

The financial impacts from COVID is forcing many SME’s into bankruptcy. A survey from cashflow management system Penny Freedom has revealed that two thirds of the six million SMEs in the UK have at least one late payment on their books, with an average value of £15,370. That equates to four million businesses (and 1.7

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UK debt collections

FEBRUARY 18, 2021

New research from Sage, has highlighted the impact of the Covid-19 pandemic with the average SME business now burdened with £173,000 additional debt per year. Encouragingly, over half of SMEs believe they have become more efficient for the long-term as a result of the pandemic; but financial challenges continue to bite.

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Loans Lender Government 95

Fico Collections

JUNE 23, 2022

The Role of Data in Managing Fraud and Financial Crime Today. Here are the highlights from the fraud management data discussion I had at FICO World 2022 with Julie Conroy, Head of Risk Insights and Advisory at Aite-Novarica Group. and “Are organizations more focused or less focused on data because of the pandemic?”.

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On Guard

SEPTEMBER 29, 2020

London, 29 September 2020 – The Covid-19 crisis is making a big impact on the efficiency of the UK’s finance departments, with 66% of financial professionals reporting that they are working more efficiently since the onset of the pandemic in March of this year. Changing attitudes to digital transformation. Working from home is the new norm.

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Fico Collections

MARCH 9, 2022

The last few years have thrown up many challenges for banks and card providers as everything has shifted online, one of the primary challenges being fraud scams. But the online shift has also created opportunities for financial institutions to demonstrate their strong fraud controls in the digital space.

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Banks Financial Institution Retail Education 59

Credit Corp

AUGUST 4, 2021

You’re young, you’re free and you’re full of potential—and you don’t want to struggle financially. Jobs that pay 40k a year or more provide a path to financial independence and can make things like homeownership a reality. If you’re on the hunt for a job that pays well, we’ve got ten of the most lucrative careers for young people.

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Student loans Student Loans Law Firms Healthcare 98

Collection Industry News

MARCH 19, 2024

And consumers reported an uptick in optimism about the financial state, according to Deloitte’s ConsumerSignals financial well-being index, which captures changes in how consumers are feeling about their present-day financial health and future financial security based on the consumer’s own financial experience.

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Consumer Credit Student loans Student Loans Collections 40

CICM

JULY 17, 2023

TCN 2023 Consumer Survey Reveals Nearly Three-Quarters of Consumers Will Abandon a Brand After Just One Bad Customer Service Experience UK, London/Midlands, Bucharest, Romania and St. We’re not going to take it” According to the survey, 73% are likely to abandon a brand after just one poor customer service experience.

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Fico Collections

APRIL 8, 2022

Data Orchestration for Fraud Prevention. As it happens, orchestration (of both data and process) is one of the most potent weapons in fighting scams and fraud. APP fraud now makes up 38% of all UK fraud, yet only 6% of UK consumers cite being tricked into sending payment to a fraudster as their primary fraud concern.

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Katabat

NOVEMBER 5, 2021

Department of Labor data to analyze the financial health of nearly 7,900 Baby Boomers (aged from 28 to 40) over more than a decade. Researchers found “that people who carried consistently high levels of unsecured debt were 76 percent more likely to have pain that interfered with their daily life than people with no unsecured debt.”.

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Unsecured Debt Banks Credit Card Debt Government 52

Katabat

NOVEMBER 5, 2021

Department of Labor data to analyze the financial health of nearly 7,900 Baby Boomers (aged from 28 to 40) over more than a decade. Researchers found “that people who carried consistently high levels of unsecured debt were 76 percent more likely to have pain that interfered with their daily life than people with no unsecured debt.”

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Unsecured Debt Banks Credit Card Debt Government 52

Fico Collections

AUGUST 19, 2022

What financial institutions need to compete with fintech threat disrupters. billion globally in 2021 – banks and credit unions are losing their status as the primary financial services providers to American consumers. Taking the FinTech Threat Seriously: What Should Banks Be Doing to Compete? Thu, 12/19/2019 - 16:29.

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Fico Collections

DECEMBER 2, 2020

In December of last year, the Malaysian National Bank, Bank Negara, issued a consultation document about their intention to allow eKYC in the applications process for a wide range of financial products. They even gave financial institutions the go-ahead to utilize artificial intelligence and machine learning to support their eKYC processes.

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Banks Financial Institution Acquisition Financial services 72

Fico Collections

AUGUST 23, 2021

To measure the impact of COVID-19 on digital transformation in financial services, FICO surveyed 14,000 consumers across 14 countries in 2021 to evaluate customer-willingness for digital account opening. Today, we’ll share the top-five takeaways from our NORAM survey results. 2: Digital literacy IS NOT financial literacy.

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Financial Institution Financial services Banks Education 52

UK debt collections

NOVEMBER 2, 2023

Whilst they impact businesses of all sizes, studies have shown small and medium enterprises (SMEs) and freelancers are particularly at risk, with the impact of late payments leading to extreme financial instability, debt and even closing down. Freelancers are very often self employed or small one man businesses.

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Fico Collections

APRIL 29, 2022

It’s likely that fraudulent POS Zelle transactions wouldn’t be eligible for chargebacks, either. Nearly 18 million Americans were defrauded through scams involving digital wallets and person-to-person apps in 2020, according to Javelin Strategy & Research, an industry consultant. How to orchestrate that data?

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Retail Banks Financial Institution Trade 52

Fico Collections

SEPTEMBER 27, 2022

In order not to miss the boat of the rapid technological developments, financial institutions need to know where their digitalization journey should go and how they want to use the innovative technologies in a focused manner. With digitalization and AI, many processes can now be fully automated for the first time, without manual steps.

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Banks Retail Manufacturing Financial Institution 52

Credit Corp

AUGUST 4, 2021

You’re young, you’re free and you’re full of potential—and you don’t want to struggle financially. Jobs that pay 40k a year or more provide a path to financial independence and can make things like homeownership a reality. If you’re on the hunt for a job that pays well, we’ve got ten of the most lucrative careers for young people.

Student loans 52

Student loans Student Loans Law Firms Healthcare 52

True Accord

MARCH 31, 2022

Add these all together and the financial outlook for consumers, especially those in debt, is scary. But there are silver linings, as well. Second, the fintech industry continues to grow and evolve to meet the changing needs of consumers, offering more opportunities for financial inclusion and innovative customer experiences.

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Fico Collections

MARCH 30, 2023

On this side of the pond, the number of Americans who go cashless day to day has doubled in the past decade, according to the Pew Research Center. Globally, APP fraud and related scams continue to be a problem for banks and their customers. As we do, the scammers will be waiting to take our money.

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Banks Education Retail Trade 52

Credit Corp

APRIL 17, 2023

From full-time to part-time to side hustling on top of your regular nine-to-five, we list out different ways to supplement your income as well as include what you need to get started and who these jobs fit best. Well, websites like FriendWithA connect you with people who are looking to rent various items.

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Trade 94

Troutman Sanders

SEPTEMBER 19, 2022

leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation. On September 15, the Consumer Financial Protection Bureau (CFPB) published a report — “Buy Now, Pay Later: Market trends and consumer impacts” — offering key insights on the buy now, pay later industry.

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Financial services Trade Government Banks 52

Troutman Sanders

DECEMBER 20, 2022

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) filed an amicus brief in the Eleventh Circuit in support of a plaintiff-appellant who filed a Section 1681s-2(b) claim against a furnisher for failing to conduct a reasonable investigation under the Fair Credit Reporting Act.

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Financial services Student loans Student Loans Loans 52

Better Credit Blog

DECEMBER 30, 2021

Fortunately, there’s plenty of resources available to consumers, as well as simple steps you can take to protect yourself. We may be compensated if you click this ad. ” Hermann says with more people at home, there’s been a corresponding rise in data breaches and identity theft. Ads by Money.

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Banks Creditors Retail Education 66

Fico Collections

JUNE 14, 2021

Invitations to buy even the smallest items on an installment plan seem to be everywhere online, and in-store, too: called “buy now, pay later” or BNPL loans, these offers let consumers buy what they want, now, and pay for it over time in four equal payments. BNPL: Even the smallest purchases can now be broken into bite-size chunks. .

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Better Credit Blog

JANUARY 26, 2022

We may be compensated if you click this ad. To help you find the most reliable options, we’ve researched numerous organizations and compiled a breakdown based on factors such as ratings, fees, reputation, and success rate. We may be compensated if you click this ad. Is its staff well-qualified? Ads by Money. Ads by Money.

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Fico Collections

JANUARY 18, 2023

Ulrich Wiesner noted that customers under financial stress should be spoken to sooner rather than later, so that there is sufficient time to resolve the problem and prevent accounts from rolling to later stages of delinquency. Treatments paths should remain simple and not contain unnecessary conditional logic.

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Fico Collections

JULY 5, 2023

billion, according to CFCA’s 2021 Fraud Loss Survey Report. Subscription fraud can be a symptom of or gateway to other frauds. For example, a synthetic identity could be used to create a fraudulent subscription. More than 40% of the experts CFCA surveyed say less than 10% of their bad debt is actually due to fraud.

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Fico Collections

JUNE 23, 2023

Sectors that leverage digital marketing strategies for acquiring and properly serving customers are moving towards hyper-personalization — a ‘supercharged’ version of personalization using real-time customer data, artificial intelligence, automation and predictive analytics. But fraud must be a consideration here too.

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Financial services Banks Acquisition 52

Fico Collections

JANUARY 27, 2022

The most popular posts in our Customer Development category dealt with credit card payments, open banking, trends for financial services and small business lending — as well as FICO’s listing as a top risk management firm. Over the coming months, having a strong collections process will be essential.

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