Kurhan / AdobeStock-In the evolving landscape of collections and loss mitigation, understanding the operational challenges and emerging trends is crucial for developing effective strategies. So, we pulsed the industry to shed light on these aspects, offering valuable insights for industry professionals.
We reached out to US-based first and third-party collectors across various product areas, including credit card, student loan, mortgage, auto, HELOC, and personal loan.
Looking ahead, AI and automation are expected to have the most significant impact on the financial services industry. Findings indicate that nearly 40% of respondents see AI as a significant area of opportunity and future impact. However, it is also the most misunderstood and challenging area.
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