How startup thinking can improve retail banking’s debt collections

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How startup thinking can improve retail banking's debt collections practices, and how to implement it

The retail banking sector has been slower to adopt new technology than most. Much of the reason comes down to old technology underpinning much of their internal processes.

In the 70s and 80s, banks were innovators - they were at the cutting edge of computerisation, and the leadership invested wisely in systems that were built to last. They lasted so well that those same core systems can be found at the heart of retail banking in the here and now.

Retail banks struggle with legacy systems and disruption from tech-led startups - but a change of mindset can turn the tide.

Banks can no longer afford to play it safe, adding a new feature over the top of slow legacy systems and old-school attitudes. They need to think like startups, building the technology, agility and efficiency that lets them meet these emergent needs. They need to put the customer - and not themselves - at the heart of everything they do.

Agile methodology and fluid structure are novel concepts for established firms - but retail banking and debt collections can benefit from a new approach 

 

Let’s take a look at the ways in which startups approach these issues, how the banking sector is already changing and how banks should use this thinking to deliver the best possible service across the board.