With a myriad of external forces that have left household incomes squeezed, the likelihood of delinquency is at an all-time high, so utilities providers need to work smarter to mange their bad debt.
A lack of credit risk strategy and outdated systems
Debts can be notoriously trying to bring in, involve considerable amounts of manpower and are taxing in time and effort. With a process that is ripe with inefficiencies, it's costly and time-consuming both for the provider and customer. For the debtor, the collections process is notoriously cumbersome, as well as being potentially embarrassing. The need to forensically examine a customer’s bank statement information, income and expenses
mean the process is more akin to a probing exam, than a transaction of funds.
At DirectID, we became aware of the problems within the current setup when we spoke to some of the leading companies in the field.