EXUS Collections & Recovery Blog

Honesty and trust: Two key pillars of debt recovery and how to make the most of them

Posted by Dimitris Vassiliadis on Mon, Jul 02, 2018 @ 11:26 AM

Adam Smith, the pioneer of political economy and arguably the first modern economist, claimed that a certain level of trust is vital for any transaction to take place. If we can’t trust the butcher to give us quality meat, we have to inspect cows and abattoirs and slabs every time we buy any - which is ridiculous.

Without trust, we don’t have a viable economy. We need to trust banks to hold our savings responsibly - and banks need to trust us to repay what we borrow.

Read More

Tags: collections and recovery

What can emerging markets learn from the Italian banking crisis?

Posted by Dimitris Vassiliadis on Thu, Jun 21, 2018 @ 01:56 PM

Photo credit: Marcovarro, Adobe Stock

The story

The constitutional crisis in Italy was induced by the March general elections, which saw anti-establishment parties Lega and the Five Star Movement grow dramatically in vote share. Both endorsed an economic plan that hinged on Italian withdrawal from the EU.

Over the last two months, political grandstanding by the parties involved has caused concern across the Eurozone - and rightly so. The financial stability of the European Union is at stake.

Read More

Tags: Retail Banking, collections and recovery

More or less? Are strict regulations good or bad for debt recovery?

Posted by Marios Siappas on Wed, May 30, 2018 @ 11:12 AM

Regulation is often used in political scaremongering. There’s too much red tape in the business world, according to some. And in certain cases, that may be true. Especially when it comes to the legal complexities of debt collection.

But is more regulation (or less, for that matter) inherently bad for collections? It’s possible to speculate at length, but the best route is to examine the varied regulatory regimes across the world.

Read More

Tags: collections and recovery

The global psychology of promises and what that means for your kept promise ratio

Posted by Marios Siappas on Thu, May 24, 2018 @ 07:57 AM

I promise.

It’s one of the most solemn word pairings in the English language. It’s personal. We make promises in our private lives, at work, to ourselves.

Promises carry a tangible psychological weight. Numerous psychological and economic studies show just how seriously we take making (and breaking) promises, and how promises greatly enhance cooperative behavior.

Read More

Tags: collections and recovery

The 3 top collections customer services mistakes and how to avoid them

Posted by Theodore Kavalieros on Tue, Sep 05, 2017 @ 09:00 AM

Half of success is learning what not to do. And there are plenty of mistakes made during the average day of collections work. However, there are three top mistakes that do the most damage to customer service levels. 

Poor Communication

Collectors that don’t communicate well don’t collect. It’s as simple as that. Today’s customers use multiple online and offline channels to communicate and transact. They expect collectors to meet them where they are.

When collectors do contact customers, they must strive to communicate in a polite, professional way and in a manner that’s consistent with the rest of the organization’s messaging. Many organizations fail here because they don’t use centralized communication scripts.

Limited Approach to Offers

The goal of any modern collections department should be to make the right offer to the right customer at the right time. Unfortunately, many organizations fail to exhibit flexibility towards that end. They use a one-size-fits-all approach to settlements, no matter the customer or debt situation. This drives away customers and restricts the number of possible settlements you might be able to achieve.

Read More

Tags: collections and recovery

When it comes to debt collections, mobile technology can bridge the gap between banks and their millennial customers

Posted by Chris Maranis on Mon, Sep 12, 2016 @ 01:18 PM

Several years on from the world financial crisis, banks still have to deal with its consequences. Besides the financial impact and the damage to their reputations, banks have had to learn to operate in a new world – a world of flat economies and rising levels of customer debt. Non-performing loans have increased and customer indebtedness, in general, has been seen to have a significant effect on the banks’ net profitability. Increasing collection costs, growing bad debt write-offs, and the requirements for higher provisions against loan losses have all combined to make managing credit loss a key business driver, with a direct impact on the banks’ profits.

Read More

Tags: collections and recovery, Self-Service, Collection and Recovery Software, collections, non-performing loan

How Banks Need to Respond to the Rise in Non-Performing Loans

Posted by Chris Maranis on Mon, May 02, 2016 @ 02:07 PM

We all know the global financial crisis changed retail banking as usual. Investor confidence and credit availability plummeted. Consumer debt levels rose. Economies flattened worldwide.

Read More

Tags: collections and recovery, non-performing loan

How to Manage Complex Delinquent Credit Cases

Posted by Nikos Lambrou on Wed, Jan 14, 2015 @ 10:28 AM

Not all delinquent credit cases are created equal.

Read More

Tags: collections and recovery, Collection and Recovery Software, collections, complex delinquencies