Debt collection can be a challenging process, but with the right strategies in place, you can streamline operations, increase your success rate, and maximize your return on investment. In this article, we will explore the importance of debt collection strategies, delve into the challenges faced by collection teams, and highlight twelve effective strategies that can transform your debt collection efforts.…

Understanding the nuances of debt collection and recovery processes can empower organizations to successfully retrieve outstanding debts while preserving customer relationships. In this blog, we will explore the intricacies of debt collection and recovery, providing insights on how businesses can navigate these processes for financial success. Debt Collection Process Debt collection is the initial phase of the debt recovery journey.…

What is Collection Agency? A collection agency is a specialized entity that helps businesses and financial institutions collect overdue debts from their customers or borrowers. These debt recovery agencies employ various strategies to pursue and obtain payments on behalf of their clients. They act as intermediaries between creditors and debtors, working diligently to facilitate the repayment process. How does a…

Welcome to the ultimate clash between two champions of customer engagement - omnichannel and multichannel marketing. These terms may sound similar, but they represent distinct approaches to creating seamless and unforgettable customer experiences. In this blog, we will embark on a thrilling journey through the realms of omnichannel and multichannel marketing, exploring their definitions, workings, and key differences. Prepare to…

Conversational AI is a game-changer when it comes to enhancing customer interactions and improving operational efficiency. By leveraging advanced artificial intelligence algorithms, Conversational AI enables businesses to automate processes, streamline customer support, and provide personalized experiences. In this article, we will discuss all about Conversational AI, showcasing its transformative potential and the benefits it brings to businesses and customers alike.…

In the ever-evolving landscape of India's financial sector, Non-Banking Financial Companies (NBFCs), Banks, and Lending Service Providers (LSPs) face numerous challenges in managing their debt collection process. However, the recent RBI guidelines released on June 8 have further intensified these challenges by capping default guarantees to 5%. This has left decision-makers in the industry pondering over effective strategies to deal…

Quality parameters serve as benchmarks for measuring and improving the level of service excellence in BPO. In this blog, we will explore what quality parameters are, discuss the top quality parameters in a BPO, highlight the importance of Key Performance Indicators (KPIs) in driving quality, and provide best practices to maintain and boost quality parameters.  What are Quality Parameters? Quality…

  With continuous shifts in customer expectations, delivering exceptional customer service has become a challenge. Especially when companies are still clinging to traditional methods. A traditional contact center service often struggles with low connect rates, resulting in poor performance and missed opportunities. This limitation calls for a smarter approach to customer engagement that leverages the power of AI technology.  At…

Generative AI is one of the most cutting-edge and beneficial discoveries in artificial intelligence. It has transformed the way business conduct their daily operations and interact with their customers. In this article, we will explore how does generative AI work and the different models of generative AI that can help in business processes. As per the leading technology and research…

Generative AI and Predictive AI are two subfields of Artificial intelligence that help businesses streamline processes through different means. While generative AI focuses on generating new content that resembles human creativity, predictive AI primarily aims to predict outcomes of processes using complex mathematical calculations on data. Currently, several businesses are utilising both Generative AI and Predictive AI to boost their…