Meet Abi
Abi will answer all Debt Collection Software related
procurement queries with relevant data points
Abi - AI powered digital procurement assistant
Discover Market Info
Get up-to-date market and supplier info on Debt Collection Software to help you build
Intelligence covers market and price outlook, SWOT analysis, demand & supply drivers, engagement models and Procurement best practices
Intelligence on category covers the following aspects market outlook, supply market, SWOT analysis, Cost components & Price outlook, Demand and supply drivers, Engagement Models and Procurement Best Practices
Manage Risk
Assess Supplier Risk based on key risk and compliance parameters
Supplier assessment covers the following parameters Financial Risk, Ethical, Labor, Environmental Compliance, IT Security.
Supplier assessment is powered by world’s leading data partners including D&B, CreditSafe, Dow Jones, Refinitiv, Orpheus
Find Suppliers
Identify right fit suppliers based on your selection criteria including revenue, capabilities, certification, geography
Select suppliers based on industry, country, classification from a database of 4.2 mn suppliers. Get detailed supplier profiles with supplier capabilities, revenue, certifications, risk ratings
Assess Category Performance
Benchmark your category performance against peers and the market
Measure category performance on 15 key parameters across cost, risk and strategy KPIs
Source Market Indices
Get information on key factors affecting your supply
Source Macro Data and Market Indices information from leading data sources across these key areas - Labor Rates, Currency, Energy, Country Risk, Trade Flow/Transportation, Port Data, Tariff, Weather and Epidemics
Meet Abi
Discover Market Info
Manage Risk
Find Suppliers
Assess Category Performance
Source Market Indices
Abi will answer all Debt Collection Software related
procurement queries with relevant data points
Abi - AI powered digital procurement assistant
Get up-to-date market and supplier info on Debt Collection Software to help you build
Intelligence covers market and price outlook, SWOT analysis, demand & supply drivers, engagement models and Procurement best practices
Intelligence on category covers the following aspects market outlook, supply market, SWOT analysis, Cost components & Price outlook, Demand and supply drivers, Engagement Models and Procurement Best Practices
Assess Supplier Risk based on key risk and compliance parameters
Supplier assessment covers the following parameters Financial Risk, Ethical, Labor, Environmental Compliance, IT Security.
Supplier assessment is powered by world’s leading data partners including D&B, CreditSafe, Dow Jones, Refinitiv, Orpheus
Identify right fit suppliers based on your selection criteria including revenue, capabilities, certification, geography
Select suppliers based on industry, country, classification from a database of 4.2 mn suppliers. Get detailed supplier profiles with supplier capabilities, revenue, certifications, risk ratings
Benchmark your category performance against peers and the market
Measure category performance on 15 key parameters across cost, risk and strategy KPIs
Get information on key factors affecting your supply
Source Macro Data and Market Indices information from leading data sources across these key areas - Labor Rates, Currency, Energy, Country Risk, Trade Flow/Transportation, Port Data, Tariff, Weather and Epidemics
$2.5 billion in 2019
$5.6 billion by 2026
9.4 %
1.88 %
Category Intelligence on Debt Collection Software covers the following
Global debt collections software market size is valued at approximately $2.5 billion in 2019 and is expected to reach $5.6 billion by 2026. It is forecasted to grow at a CAGR of nearly 9.4 percent over the period 2019–2026. The year-over-year growth rate for 2020 is estimated at 1.88 percent.
Debt collection is impacted by consumer behavior, macroeconomic factors, regulatory changes and protections on a day-to-day basis. Financial institutions seeking to improve collections need to design a sustainable and profitable debt collections strategy. Process improvements, such as workflow automation, customer management, consistent collections treatment, and collector experience plays an integral role in debt management.
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 bank in building robust collections- scoring models and precise debt collection strategies. Collections solution providers offer analytics module 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 decisioning can be built. While behavioral scores can predict a longer-term trend, advanced analytics (based on sophisticated algorithms) help managers predict the short-term trends: likelihood an account will be become more delinquent, likelihood of self-cure, probability of payment in the coming month and the amount.
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(World Instant Risk Exposure)