State of Collections

Controlling the cost of collections

Looking closely at the investment priorities of collectors in the coming years, we notice a clear trend — a focus on enhancing contact strategies to improve consumer engagement, with a goal of maximizing the amount collected while minimizing the costs of doing so.

While first-party and third-party collectors have some differences among their key priorities, lowering the cost per dollar collected remains paramount for both groups.

One key factor in collectors’ ability to achieve this goal will be their use of data and advanced analytics. For each of the challenges mentioned earlier, having clean, current and actionable data will be critical.