The ongoing evolution of technology, the global pandemic’s reality check on servicing scalability, and significant changes in customer behavior are leading companies to rethink and reinvent their default management systems, services and strategies for the future.
Digital technology advances have generated new platforms for communicating with customers who experience financial hardship, replacing traditional contact methods. The pressure to digitize, coupled with economic uncertainty and increased regulation, is leading companies to explore new approaches for managing customers at risk of default.
As a result, forward-looking companies are reprioritizing and evolving their default management operations. This, in turn, requires revamping their traditional platforms and processes. This paper explores the future of default management and offers insight into making the transition from legacy to more modern default management capabilities.