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.
On the surface, the finance sector might seem equitable: over half of the world’s employees in the financial services sector are female. Drill deeper though, and a new picture emerges.
While the gender split, in terms of sheer numbers, is about right, leadership positions take on an altogether more masculine veneer. Women hold only 25% of senior management roles in the global Financial Services industry.
In the mid-nineties, Bill Gates said that ‘banking is necessary, banks are not’. Back then, Gates’ pithy comment was merely a bit of throwaway futurism. The supremacy of the big banks seemed insurmountable. But as the years passed, his words have become increasingly prophetic.
The common conception of collections is as a historical activity. A debt was owed and is now delinquent. So it’s the act of rectifying a historical account.
The British cycling guru Dave Brailsford famously introduced the idea of ‘marginal gains’ to professional cycling. The logic goes, according to Brailsford, that when you improve every little thing by 1%, you'll get a significant overall increase in performance.