Retail banks are facing a catch-22 problem; a cycle that’s hard to escape. The global economy is becoming more fragile, and it’s having an impact on banking institutions and their portfolios. On top of this, The Consumer Duty is adding to the list of responsibilities, and customers are increasingly struggling to pay their bills, adding more pressure on collections and recovery staff.
What is needed is a new approach to customer service and debt management. An approach that is sustainable and empowers your organisation to navigate economic downturns and new regulation in the most effective way possible.
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