Dynamic shifts toward digitalization in every sector have accelerated the demand for automation, especially in banking institutions. They are also facing an increasing need to enhance cash flows, optimize collection costs, and improve debt recovery rates across the globe. This is fuelling the debt collection market, which is witnessing a significant expansion. It is expected to reach $ 8,305 million by 2030, growing at a CAGR of 10.5 percent during the forecast period.
This considerable market growth can be attributed to the widespread deployment of cloud-based debt collection software for automating accounts receivable processes to improve operational revenue, financial transparency, quick debt collection, and reduce bad debt write-offs. Additionally, the rising demand for consumer and commercial debt recovery services in financial institutions, rapid technological advances, and the increasing focus on providing enhanced customer service further propels market growth.
Emphasizing these latest industry developments, the newest edition of the Financial Services Review brings forth the most influential developments in the debt collection space that significantly impact business efficiency. The edition features thought leadership articles from Felipe E. Medina, Business Information Security Officer at Bank United, who explains the benefits of various security assessments helping segment and prioritize accounts for debt collection. It also contains a perspective from Steve Harris, SVP, Chief Ethics and Compliance Officer at Lincoln Financial Group, who focuses on new financial technology solutions that have emerged, allowing organizations to increase automation, create efficiencies, and improve the client experience.
In addition to these critical insights from industry experts, the edition also features the most promising debt collection agencies, including a full-service collection agency, Debt Recovery Resources, which provides individualized, cost-effective collection solutions. Its proven collection techniques help build financial profiles and circumvent reasons for non-payment, resulting in higher recovery rates and faster liquidation turnaround times.
We hope this edition will help you find the right debt collection agencies that will empower you to incorporate state-of-art solutions to provide a better customer experience.
Let us know your thoughts!
