A Zoot report on post-pandemic collections and debt recovery trends was featured in a recent article, Optimizing Debt Collection at Financial Institutions on PaymentsJournal.com. A leading source for payments and banking industry news and information, PaymentsJournal is published by Mercator Advisory Group. The comprehensive online portal provides insights from financial industry analysts, thought leaders and innovators – providing a fitting arena for a deep dive into risk management.
For financial institutions, rising consumer credit card balances and delinquency rates are further complicating a fluid economic landscape. The PaymentsJournal article emphasizes the role of technology in optimizing risk management, with the author stating, “Financial institutions should anticipate that consumer debt will continue to rise, especially if a recession does come. They need to focus on optimizing their debt collection systems so they can be ready for the storm.”
The article also discusses optimization tactics for financial institutions, including deploying Zoot’s account management and debt recovery system. It outlines key components of a data-driven operational approach, including cash flow, account activity, collections history, collateral status and account balances – all critical to maximizing recovery, reducing losses, ensuring compliance and maintaining a balanced portfolio.
Zoot was also recently featured in a PaymentsJournal podcast episode. Alongside Apur Shah, the PayPal Senior Director of Merchant Growth, the Zoot team sat down with Brian Riley, Director of Credit Advisory Service at Mercator to discuss BNPL’s entrance into mainstream lending.
Zoot Enterprises, Inc. is a global provider of advanced origination, acquisition and decision management solutions for some of the world’s largest organizations. We offer comprehensive and flexible platforms for specific business needs, including loan origination, fraud detection and prevention, data acquisition, and more. https://zootsolutions.com/