Latest Trends and News: Credit Collections Industry

Debt collection is today as much an important driver for increasing revenues as actual sales. Enterprises are adopting new trends and technologies to improve their collections statistics. We look at some of the latest developments and trends emerging in the Collections industry. News and trends - Credit Collections  New debt collection rules soon by CFPB: US-based Consumer Financial Protection Bureau (CFPB) has hinted that it is likely to come out with new collection regulations by spring of 2017. CFPB had been seeking feedback from both consumers and enterprises across the US about their…Read more »

auMina: The New Age Solution for Scalability in Credit Collections

Credit collection continues to be a massive challenge for enterprises across industry verticals. Account Receivables or collections have reached such proportions that debt collection today is a full-fledged industry in its own right. In this context, smarter solutions like Uniphore’s auMina are helping organizations scale their debt collections without letting the cost of recovery escalate. Consequently, enterprises across the board are able to scale their revenues quarter after quarter. Here are four essential ways this SaaS-based solution is helping enterprises do that. 100% call mapping across multiple languages The solution offers a 100%…Read more »

Speech Analytics to Identify and Prevent Misselling of Financial Products – auMina to the Rescue

Over the last few weeks, banks have been facing the heat from Reserve Bank of India (RBI) and other regulatory agencies. Banks and Financial companies will now be held accountable for misselling deeds of third party agencies and in-house staff. Aggrieved customers can file complaints under the revamped Banking Ombudsman (BO) scheme against banks for Insurance, Mutual Fund and other financial products sold on the phone and digital channels. What has Changed? The Apex Bank on June 24, 2017, extended the scope of the Banking Ombudsman (BO) scheme 2006 by including deficiencies arising…Read more »

5 Ways to Effect Voice-based Collections using Speech Analytics

As enterprises look for proactive ways to reduce their Accounts Receivables, technologies like Speech Analytics are increasingly being adopted in voice based collection teams. Voice-based collections using smarter Speech Analytics offer unique insights enabling enterprises to scale revenue by ensuring higher collection while retaining loyal customers. Here are five essential ways in which Speech Analytics provides the x-factor for voice-based collections for businesses.  1: Constructing P2P schedules for easing payment obligations Many debtors want to repay but are looking at easy repayment schedules or installments. Speech Analytics-based agent calling tools can give the…Read more »