Back-to-Basics: Collections and Recoveries (Part 1)

Collections and Recoveries are the final two stages of the entire credit lifecycle. To understand the collections and recoveries landscape, we also need to understand the process taking place before an account enters collections.

For this reason, we are first going to touch on the various stages of the credit lifecycle preceding Collections and Recoveries, and thereafter spend time on the main subject of this Blog.

In this Part 1, we specifically focus on the first two stages of the credit lifecycle which are Leads and Originations.

 

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PART 1: How to Cure the Post Pandemic “Collections” Symptoms

It has been a year and a half since the first case of the coronavirus (COVID-19) was reported from Wuhan, China. As we move into the third wave of the virus, there is an apparent dilution in both collection and recovery yields in the financial services sector, primarily because relief schemes and packages come to an end.

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COVID 19, mitigating this risk for business continuity and social responsibility

In 2011, Microsoft founder, Bill Gates, reflected on the many strides researchers have made in terms of treating diseases such as HIV, malaria and polio. Gates warned us, “There is one area, though, where the world isn’t making much progress, and that’s pandemic preparedness. This should concern us all because if history has taught us anything, it’s that there will be another deadly global pandemic”.

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