Points of View

HFS Highlight: EXL PayMentor is taking debt collection digital

There’s always an element of risk for any kind of lending, which is why financial institutions must have efficient debt collection processes. However, the effectiveness of first-party collections, those attempted in the first 90 – 120 days, is inconsistent, expensive, and drives poor customer experience. The manually intensive process typically has staff attempting to collect debts on the phone, with multiple calls needed, while many are left unanswered before a payment is made – if indeed any are made at all... Recognizing this, EXL developed PayMentor, a modular solution that aims to streamline early-stage debt collection, and boost effectiveness.

 

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