EXUS Collections & Recovery Blog

Cultural focus: Debt collections practices in the Middle East

Posted by Marios Siappas on Mon, Feb 11, 2019 @ 10:49 AM

A cursory internet search will reveal a number of sobering stories relating to debt collections in the Middle East, but it’s important to understand that the region is still developing. Insolvency laws are still unclear, court practices are evolving and the payment terms are often incredibly generous.

What might be further delaying progress in the region is the cultural stigma that surrounds debtors.

+

How the flywheel effect can benefit debt collections

Posted by Dimitris Vassiliadis on Thu, Jan 24, 2019 @ 02:45 PM

The sales funnel is a model that has worked across numerous industries for decades, but is its time in the sun waning?

Its success depends largely on trust, but trust in the government, the media and brands has been whittled away in recent years. People no longer hold much (if any) stock in what marketers have to say. In this era of mistrust, word of mouth is more important than ever before - particularly in debt collections, where mistrust is rife, due to a history of aggressive practices and continued reliance on antiquated collections techniques.

The funnel no longer works, so perhaps it's time we look towards the flywheel effect?

+

5 quick digital transformation tips for banks

Posted by Marios Siappas on Thu, Jan 17, 2019 @ 04:03 PM

Digital transformation has never been more of a hot topic. 79% of North American banking leaders believe their bank’s existence will be threatened if they don’t innovate faster. However, “digital transformation” is also a loaded phrase: it can mean a lot of different things to a lot of different people, and still puzzles executives in all industries. As a result, it can be quite overwhelming, particularly for debt collections teams who have been operating via the same systems and practices for years.

+

Digital transformation in European banks: How are they REALLY faring?

Posted by Marios Siappas on Thu, Jan 10, 2019 @ 10:08 AM

Digital transformation has been something of a rallying cry in European banking for years now, but do those words come with action?

+

Five ways tier 2 retail banks are responding to the fintech threat

Posted by Dimitris Vassiliadis on Wed, Dec 19, 2018 @ 11:36 AM

No industry is safe from the fast march of digital progress, and the banking sector is no different. In Europe alone, well over a thousand fintech companies have launched in the last decade and, as of 2016 according to Accenture, these same fintechs make up almost 7% of the industry's overall annual revenue.

+

5 reasons customers hate debt collections (and what you can learn from them)

Posted by Marios Siappas on Thu, Dec 06, 2018 @ 01:34 PM

Try as we might to change customer opinion, debt collections has struggled to shake its bad reputation in both established and emerging markets. Regionally, this could be down to a multitude of factors; from cultural differences and complicated local court systems to overly aggressive collections practices. These local debt collections problems have a knock-on effect on a regional scale. There are also various shared problems faced by debt collections agencies and banks across the globe.

+

5 retail banking trends for 2019

Posted by Dimitris Vassiliadis on Wed, Nov 28, 2018 @ 03:35 PM

There are forces at work aiming to reshape the banking sector, and retail banks need to choose whether they want to brace for impact or lead the charge. With 2018 winding to a close and retail banking in a state of perpetual change, everyone's eyes are currently on 2019.

+