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The common perception of the debt collection industry in modern times is almost overwhelmingly negative. Collectors in pop culture are often represented as callous, predatory characters who harass poor families and individuals when they're most vulnerable. While a very slim number of collectors may act in this manner, this portrayal is almost entirely false.
The recent fascination with artificial intelligence and machine learning has made some of us ( naturally intelligent) humans confused about the role that these technologies play in the broader field of fraud analytics. In this blog post, I explain their usage and particularly how they will operate in the open banking revolution. . Source: FICO Blog.
How many more sales must you generate to offset bad debt? With the recent pullback in the stock market, it reminds us that the economic winds are ever-changing. You may think twice about your credit policy if your sales team is chasing poor credit risks in a volatile economic environment. We wanted to provide you information and a helpful tool to quantify the impact of bad debt and the sales volume necessary to offset it.
Despite changes to advertising rules, lawyers have marketed themselves in much the same way for generations. You find an office space, you go out and network, you do good work, and more work comes in. But, as consumers have become more discerning, and as law firm choices continue to proliferate, lawyers continue to stick with the same marketing strategy they always have.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
As a 3 rd party collection agency, we have heard it all when it comes to why once good paying customers that were easy to work with are now past due, no longer ordering and unresponsive to your attempts to contact them. What went wrong? Why did a customer with whom you have been doing business with for quite some time and thought you had a good relationship with start slow paying and now is not paying at all?
The days of bolting analytics onto main strategies are behind us, with advanced technology informing both strategic and operations decisions. Lenders and collections teams have traditionally bolted analytical tools onto their main strategies, using them to test ideas, segment accounts and validate approaches. Now the landscape has changed. Advances in automation and analytics mean this technology needs to be elevated in the organisation, given equal billing rather than treated as an optional ext
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Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
The days of bolting analytics onto main strategies are behind us, with advanced technology informing both strategic and operations decisions. Lenders and collections teams have traditionally bolted analytical tools onto their main strategies, using them to test ideas, segment accounts and validate approaches. Now the landscape has changed. Advances in automation and analytics mean this technology needs to be elevated in the organisation, given equal billing rather than treated as an optional ext
More people than ever before are using text messaging to communicate. According to research by Nielsen, Americans text twice as much as they call. Debt collection agencies are doing everything they can to take advantage of this trend, but they need to ensure their practices adhere to federal law in order to avoid penalties. Collectors can accomplish this by having the right terms and conditions.
Modern law firm consumers are an entirely new breed. They have more law firm options than ever before, and aren’t afraid to use them. They are committed to mobile search. They are more cost-sensitive than any consumer base in modern history. Absent a near-instantaneous response from a potential lawyer hire, they will immediately move on to the next attorney on their list.
Do you reuse the same passwords over and over again? Or, do you find yourself creating ever simpler passwords, so they’re easier to remember? Do you instead use really complicated passwords that you keep on sticky notes around the office? In the short run, th ese are easy solution s to password management; but, in the long term, it’s a security loophole that’s bound to come back to bite you.
Law firms depend on their websites to generate clients. For most law firms, if the website is not the primary driver of referrals, it’s confirmation to your potential clients that you’re an invested business owner, and is perhaps the first avenue through which you begin to build trust with consumers. But, if you didn’t update your website this Summer, there’s something you should know.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
Law practice management consulting is, essentially, business management consulting for law firms. That may sound basic, but law practice management consulting is a highly specific genre, that contemplates the special components related to law firm management that do not attach to running other small business, including the ethics rules that lawyers must adhere to.
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