Big Data Analytics – Game-changer for Credit Collection Agency Services Market
The latest supply market intelligence study by SpendEdge on the credit collection agency services helps enterprises examine the supplier cost-saving opportunity, pricing model snapshot, and category spend analysis.
Data analytics for credit collection services
The rise in the number of mortgage debts, higher credit card balances, and the low savings rate is triggering the demand for credit or debt collection services from the BFSI sector. The most common types of credit collection agencies are first-party, third-party, and debt buyers. The service providers are adopting an analytical approach to build a large debtor database to facilitate faster recovery. They are focusing on employing technologies such as voice biometrics, virtual agents, and predictive analytics that provide insights on debtors. Outsourcing these functions are gaining predominance in the market as it enhances the business efficacy of creditors by ensuring maximization of AR collections. The supply market intelligence solutions by SpendEdge offer comprehensive insights on supplier positioning, supplier cost breakup, and supplier engagement models. The study enlists key market development areas, recent demand-supply shifts, procurement best practices, key category growth drivers, and supplier sustainability practices.
Debt collectors are leveraging social media as a tool to assist with collection efforts. Social media sites such as Facebook and LinkedIn provide collection agencies a pathway to connect with defaulters and help them locate debtors. Moreover, the use of social media platforms boosts transparency and allow creditors to scrutinize the offerings of collection agencies.
Big data analytics
Big data helps prioritize delinquent accounts and enhance collection strategies, as it considers the probability of recovery and the expected amount that can be recovered. The utilization of big data analytics helps credit risk managers to make important business decisions. The analytics offer visibility, assessment of the loan applicants, and evaluate the revenue returns associated with the borrowers. These are cost-effective ways that simplify debt collections and helps to predict future demand trends.
Implementation of skip tracing
Skip tracing is the process of tracking debtors whose contact information is not accurate or outdated. The adoption of skip tracing maximizes the outcome of debt recovery efforts and reduce operational costs. There are some tracing tools available in the market that locates hard-to-find debtors. The tool uses data from varied sources such as public records and real estate records to trace debtors and results in quicker and faster debt recovery.
What solutions SpendEdge offer to businesses
The team of procurement specialists at SpendEdge provide a supply market intelligence study that analyzes the growth aspect and changing trends in the credit collection market and provides information on supplier cost-saving aspects of procurement. Some of the solutions offered includes:
- Provide comprehensive information on the supplier landscape for credit collection services
- Offer insights on the recent cost-saving aspects of procurement, demand-supply shifts, category spend analysis, and pricing model snapshot
- Assess the key competitors’ functional and operational capabilities in terms of different facets of credit collection categories
- Track the developments that affect the short-term and long-term growth aspects
Read our complete case study titled – Procurement Market Intelligence Study on the Consulting Sector
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