The science fiction writer William Gibson once observed the future is already here its just not very evenly distributed.
This sentiment almost perfectly describes the current state of digital transformation within banking. Some operational areas, like account opening and fraud management, have seen significant changes as banks have worked to redesign legacy processes around new digital capabilities.
Debt collection by contrast feels like it has been standing still.
Its not difficult to understand why. As a collections executive at a large U.S. lender told Aite Group in a recent survey, Its hard to justify tech development work to collect from delinquent borrowers versus investments that would generate new customer rel…
Read the full article at: https://www.americanbanker.com/opinion/tech-could-help-reinvent-debt-collection