Debt selling and collections are experiencing stronger consumer, regulatory and business challenges than ever before. Lowell decided to undertake an in-depth survey to shed light on these key dynamics and to capture insight on how these dynamics will play out over the next few years.
The survey of senior executives, across multiple sectors in the UK, was conducted during the fourth quarter of 2019 in conjunction with Credit Strategy. It has highlighted some very interesting trends and identified some clear areas for companies to focus on over the next few years. These include:
- Using more insight to improve debt sale and collections processes
- Viewing these processes within the context of overall customer experience
- Increasing the focus on vulnerable customer management
The Lowell UK Debt Sale & Collections Industry Report provides valuable insight into the challenges outlined above.
It contains a wide range of interesting findings, including:
- 78% of businesses believe that their customers don’t understand the debt sale process.
- 50% of organisations are dissatisfied with the performance of their debt sale activities.
- Only half of companies are satisfied with how their organisations manage vulnerable customers.
- 37% of organisations don’t measure customer satisfaction during the internal collections process.
To view the full findings and analysis please download our UK Debt Sale & Collections Industry Report.