Debt collection software is used to organize the daily job of the collectors and to minimize the time spent on administrative and unproductive tasks so that they can dedicate working time to high-value tasks. The growth in the industry is mainly due to increasing financial activities, credit, and loan transactions in recent years. With the assistance of debt collection software, organizations help their clients to clear their debt challenges. This allows taking ultimate control over how the collection agency software works for the business to increase profits.
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Market Dynamics
Increasing consumer debts, and a rise in need to improve cash flows are driving the demand for integrated debt collection software solutions globally.Statistics show that healthcare is the main cause of bankruptcy as people turn to credit cards to pay their medical bills. According to the Consumer Financial Protection Board (CFPB), one in three people with a credit record has been contacted by a creditor or collector. However, these calls are often random and ineffective. Traditional methods of debt collection such as aggressive calling, in-house collections, and sending additional invoices are proving to be ineffective and time-consuming.
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Segment Analysis
BFSI segment is expected to grab the leading position in terms of market share in the forecasted period. Collections agencies and finance companies are also part of BFSI and playing a vital role in using debt collection software. Banking and Loan Management organizations are demanding more sophisticated and advanced processes to monitor and manage loans and collections, given the developments in the financial services sector over the past years. Debt collection software has the ability to adapt to the changes within the business. It enables enterprises by gathering and managing their debts while paying off their debt. It is scalable and is flexible enough to adjust to ever-evolving processes. The ability to automate manual tasks and processes is the key driver for the debt software market. With automated debt recovery software, the data is available in real-time, accurate, and guaranteed.
Competitive Landscape
Some of the key market players in debt collection software are FICO, Totality Software, Seikosoft, Sopra Banking Software, My DSO Manager, Agreeya Solutions, Indus Software, CSS Impact, Pamer Systems, Advantage Software Factory, Katabat, and Debtrak.
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