The primary objective of a collection strategy is to generate a positive return for the organization, converting potential losses into revenue. With collections often seen as a secondary or, in some cases, nonexistent activity, often revenue is left on the table. Increasing debt trends combined with stricter regulatory laws means that it is more important than ever to have a mature, grounded collections strategy.
An effective in-house collection strategy can increase revenue up to 15 percent1 and decrease collection costs up to 25 percent2 through more effective use of resources and staff. Implementing collections strategies have shown to reduce default rates, protect bottom line, find “lost” customers, and maintain customer relationships.
In this webinar, led by James Donatell, Chief Sales Officer and Chaitanya Naidu, CL Collections Product Manager of Cloud Lending Solutions, we will explore how CL Collections™ enables an organization’s collections strategy and creates organizational value. We will explore both the challenges and value of collection strategies and how they can be implemented using CL Collections.
In this on-demand webinar, we will explore:
- Why collections is of strategic value to the organization
- Characteristics of a good collection strategy
- How to efficiently utilize automation and collections staff
- Key technology approaches to automation