Collection Analytics
Every portfolio has a set of delinquent customers who do not make their payments on time. The financial institution has to undertake collection activities on these customers to recover the amounts due. A lot of collection resources are wasted on customers who are difficult or impossible to recover. Predictive analytics can help optimize the allocation of collection resources by identifying the most effective collection agencies, contact strategies, legal actions and other strategies to each customer, thus significantly increasing recovery at the same time reducing collection costs.
Read more about this topic: Predictive Analytics, Applications
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“We’ll never know the worth of water till the well go dry.”
—18th-century Scottish proverb, collected in James Kelly, Complete Collection of Scottish Proverbs, no. 351 (1721)