Four Steps to Innovating your Collection Strategy

Almost everyone I talk to in the industry (and that’s a lot of people lately) rate innovation as a top priority.

Not long ago, in my former role as the leader of collections strategy for a major bank, I led a full strategy overhaul. I know first hand there are a lot of hurdles and setbacks once you decide to engage in such a change. In our case, everything needed an update; data infrastructure, scoring models, decision engines, customer contact tools (interactive messaging, text, email, etc.), reporting -  you name it, we needed it.

Below are some lessons I’ve learned along the way. I hope they help you move more quickly on on your way toward innovation.

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