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Banking / WHITE PAPER
I Kumaravelu
Industry Advisor and Transformation Head, Banking, Financial Services and Insurance, TCS
Santhosh Kumar Ravindran
Domain Specialist and Transformation Consultant, Banking, Financial Services and Insurance, TCS
Venkateswaran Mrithinjayan
Solution Architect, Banking, Financial Services and Insurance, TCS
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Financial institutions face challenges in debt collections given limited digitalization, scarcity of experienced agents, increasing delinquent accounts, and rigid, templatized strategies. Income and job loss due to the COVID-19 pandemic will further worsen the situation – all of which could well result in a liquidity crunch. Banks will therefore need to revamp their debt collection strategy by incorporating technology tools. The way forward lies in using virtual agents, artificial intelligence (AI) backed automation, and advanced analytics in debt collection.
Since debt collection is a human centric function, we believe that banks must define a hybrid debt collection strategy with the right mix of human and virtual agents – human agents to handle sensitive interactions and virtual agents to manage basic functions and act as collectors’ digital assistants. A shift to digital in collections will empower banks to:
Driving growth in banking and financial services with digital receipts
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