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Debt Collection Software

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Debt Collection Software Industry Benchmarks


Savings Achieved

(in %)

The average annual savings achieved in Debt Collection Software category is 6.20%

Payment Terms

(in days)

The industry average payment terms in Debt Collection Software category for the current quarter is 63.8 days

Compare your category performance against peers and industry benchmarks across 20+ parameters on Beroe LiVE.Ai™

Category Strategy and Flexibility

Engagement Model

Supply Assurance

Sourcing Process

Supplier Type

Pricing Model

Contract Length

SLAs/KPIs

Lead Time

Supplier Diversity

Targeted Savings

Risk Mitigation

Financial Risk

Sanctions

AMEs

Geopolitical Risk

Cost Optimization

Price per Unit Competitiveness

Specification Leanness

Minimum Order Quality

Payment Terms

Inventory Control

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    Debt Collection Software Suppliers


    1,126
    Total Suppliers
    35
    Diverse Suppliers
    66
    Normalized Supplier Rating
    Debt Collection Software Supplier

    Find the right-fit debt collection software supplier for your specific business needs and filter by location, industry, category, revenue, certifications, and more on Beroe LiVE.Ai™.

    Sample Supplier
    Company
    American Express Company
    Location
    Jackson, Mississipi
    Duns number
    3862211

    D&B SER Rating

    dnb logo

    Up to 3 months

    1 9
    6
    Low Risk High Risk

    The Supplier Evaluation Risk (SER) Rating is Dun & Bradstreet’s proprietary scoring system used to assess the probability that a business will seek relief from creditors or cease operations within the next 12 months. SER ratings range from 1 to 9, with 9 indicating the highest risk of failure. We’ve prepared an infographic to help business owners better understand what influences their SER Rating.

    Moody`s ESG Solution
    ESG Profile

    Company and Sector Performance
    42

    100
    Limited (1)
    ESG Perfomance (/100)
    Environment
    85
    Social
    31
    Governance
    48
    6 Domains Performance (/100)
    Business behaviour
    39
    Human rights
    47
    Community Environment
    26
    Corporate governance
    54
    Human resources
    21
    Security Scorecard
    90

    Threat indicators
    B
    83
    Network Security
    Detecting insecure network settings
    A
    100
    Hacker Chatter
    Monitoring hacker sites for chatter about your company
    A
    97
    DNS Health
    Detecting DNS insecure configuration and vulnerabilities
    B
    86
    Application Security
    Detecting common website application vulnerbilities
    B
    86
    Endpoint Security
    Detecting unprotected enpoints or entry points of user tools, such as desktops, laptops mobile devices, and virtual desktops
    A
    100
    Cubic Score
    Proprietary algorithms checking for implementation of common security best practices
    A
    98
    Patching Cadence
    Out of date company assets which may contain vulnerabilities of risk
    A
    100
    Social Engineering
    Measuring company awareness to a social engineering or phising attack
    A
    100
    IP Reputation
    Detecting suspecious activity, such as malware or spam, within your company network
    A
    100
    Information Leak
    Potentially confidential company information which may have been inadvertently leaked

    Industry Comparison
    amexglobalbusinesstravel.com
    Industry average
    Adverse Media Appearances
    Environmental Issues
    0
    Workforce Health Safety Issues
    0
    Product Service Issues
    12
    Human Rights Issues
    0
    Production Supply Chain Issues
    2
    Environmental Non Compliance Flags
    14
    Corruption Issues
    0
    Regulatory Non Compliance Flags
    26
    Fraud Issues
    3
    Labor Health Safety Flags
    3
    Regulatory Issues
    22
    Workforce Disputes
    0
    Sanctions
    1
    esg energy transition
    86
    Discrimination Workforce Rights Issues
    3
    esg controversies critical severity
    No

    Debt Collection Software market report transcript


    Debt Collection Software Global Market Outlook:

    The global debt collections software market size was valued at approximately $2.5 Bn in 2019 and is expected to reach $5.6 Bn by 2026. The industry report has forecasted the market to grow at a CAGR of nearly 9.4% during 2019–2026. The year-over-year growth rate for 2020 is estimated at 1.88%.

    Factors such as the intensifying need to curb bad debt and improve cash flow, rising omnichannel collection models, and increasing adoption of automation in the accounts receivable process are majorly driving the money collection software trends.

    Moreover, the emerging trend of analytics-based collection models will have a notable impact on the debt collection software industry over the forecast period. However, diversified debt collection policies across the world and high maintenance costs related to debt collection services are likely to hinder market growth. 

    Global Debt Collection Software Market: Regional Outlook 

    North America will represent some of the best debt collection software industries in terms of revenue, and will maintain its hegemony throughout the projection period. Availability of well-established tech infrastructure, allowing easy integration of debt collection software in different BFSI systems. However, the market in Asia-Pacific (APAC) is experiencing unprecedented growth owing to rapid digital transformation and an increasing shift of demographics toward innovative technologies.

    Global Debt Collection Software Market: Regional Outlook 

    North America will represent some of the best debt collection software industries in terms of revenue, and will maintain its hegemony throughout the projection period. Availability of well-established tech infrastructure, allowing easy integration of debt collection software in different BFSI systems. However, the market in Asia-Pacific (APAC) is experiencing unprecedented growth owing to rapid digital transformation and an increasing shift of demographics toward innovative technologies.

    Automating collections: Many financial institutions struggle with changing debt landscapes and are trying to cope with such situations through outdated technology. With fewer resources, growing debt volume and consumer protections, legacy system is inefficient and detrimental. Debtors are now living in an omnichannel and self-service environment; financial institutions that upgrade to new technology witness a host of benefits leading to a profitable lending business. Broadly debt management solution enables bank to minimize bad debt, rehabilitate customers, reduce attrition, and maintain revenue streams. Government agencies are using debt management solution for collecting tax debt, though the revenue size is small, complexities and inherent data integration challenges that government agencies face is similar to a bank’s infrastructure

    Shift to customer-centric collections: Financial institutions have the habit of servicing customers’ account and not their customers. A customer-centric approach enables banks to design processes and system (i.e., collection automation) with a key focus on improving customer experience and loyalty.

    Analytics for better account treatment: Analytics helps banks in building robust collections-scoring models and precise debt collection strategies. Collections solution providers offer analytics modules as part of their end-to-end solution or as a bolt-on solution. Depending upon the quantity and quality of data, collections-specific scoring, models, and decisions can be built. While behavioral scores can predict a longer-term trend, advanced analytics (based on sophisticated algorithms) help managers predict short-term trends, like the likelihood an account will become more delinquent, probability of payment in the coming month, and so forth.

    COVID-19 crisis offered further impetus: Policymakers across the globe have introduced new norms to restrict debt collectors from harassing customers as the global economic structure took a hard hit during the COVID-19 pandemic. The employment of debt collection software has climbed among banks and other financial institutions. Armed with innovative technologies such as predictive analytics and artificial intelligence (AI), the software will improve collections yield and the bottom-line as companies put efforts into fine-tuning their collections strategies.

    Several companies that had not employed advanced solutions such as automated calling to reach out to consumers for repayment have started executing them and enjoying benefits with regard to faster repayments. After the COVID-19 chapter, the employment of the debt collection software will surge for better collection management and performance than before, and thus ensure customer satisfaction.

    Why You Should Buy This Report

    This report on the global debt collection software market covers future industry trends, size, regional market share, historical and current data and deep analysis, and projections. It offers an orderly and coordinated methodology for the key aspects that have impacted the market in the past and the future market opportunities on which market players can rely upon before allocating their capital resources. 

    The research study furnishes a reasonable debt collection software analysis for better decision-making to invest in it. Furthermore, it scrutinizes the aspects and provides a comprehensive outlook of the key organizations that will probably add to the demand in the global debt collection software market over the years ahead.