Most traditional collection software platforms in use today are based on old underlying technology and outdated designs. Even collection software systems deployed in the past five years may already be outmoded.

In the classic movie “The Wizard of Oz,” Dorothy steps out of her house after experiencing a tremendous storm and says, “Toto, I’ve got a feeling we’re not in Kansas anymore.” The same revelation applies to the collection industry, which has been weathering severe social and economic conditions.

The length of time it will take to cure the account of consumers who either won’t pay or those who can’t pay will depend upon the cause, and now of course, take into account various forms of vulnerability including those adversely effected by Covid-19.

It is not a new revelation that the collections and recoveries market is becoming more dynamic and complex. However, what is not widely known is that collections and recoveries operations are struggling more than ever before to keep up with all the changes they need to make.

With COVID-19, we have become physically distant and wary of handling documents. This has affected our decision making, customer service, and overall organizational efficiency.

RPA has emerged as a critical requirement for banks to optimize their processes, reduce their operational costs, and help them deliver exceptional customer experience.

Low code technologies have experienced a decidedly exponential rise in popularity and widespread adoption over the past decade. And there is no indication that the upward trajectory of low code will slow anytime soon.

Collaboration is key to fighting financial crime and supporting financial system stability. With regulators, among peers, and across our institutions, we must work together.

As Africa works towards negotiating and ratifying the African Continental Free Trade Agreement (AfCFTA) next year, the spotlight falls on some of the challenges around the practical implementation of the agreement.

Register for the Webinar here: https://insightcenter.featurespace.com/insightcenter/upcoming-webinars/2020/06/23/criminals-dont-follow-rules-when-it-comes-to-fraud-why-should-you?