The last couple of years has seen an explosion of companies offering innovative solutions to either support or disrupt the status quo.

 

The vast majority of them have focused on what are often perceived as the more ‘glamourous’ elements of the customer journey, with many entering the market with innovations in fraud prevention, ID verification and customer management. And the demand has been high.

 

There has long been a disparity between the intense focus and investment in the process of bringing customers on board compared to the lower levels of innovation focused on the later stages of the customer lifecycle when the challenges of debt management are very real.

 

The irony is that this is when many customers need more support, arguably more than in the entire relationship. With organisations preparing for the increased levels of debt being predicted over the coming years we are starting to see a shift in focus. Connected Data customers are beginning to recognise that routes to data enabling the debt management process are being made available to them. They are seeing the role that earlier deployment of data derived insight can play in this. We expect to see greater focus on improving debt management processes much earlier, Connected Data, partnering and collaborating with established data providers, will lead the innovation in this space. 

 

Our firm belief is that by addressing this imbalance of data utilisation in debt management, organisations can, and will, deliver fairer customer outcomes and more effective deployment of organisational resources.