With increasing sustainability requirements, it is clear that aligning business practices with broader societal goals and values can provide a competitive advantage in the debt collection business.
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Creating a customer-centric way of communicating requires active listening, personalising interactions, and maintaining transparency. Looking to further develop its communication in today’s digitalised world, Lowell wants to better understand the needs of different types of customers.
As inflation and interest rates remain on a high level, and monetary policy may even continue to tighten, Nordic countries, in general, have shown great resilience. We asked economic experts for their market predictions.
Many young people in the Nordics would need more financial education, and everyone would benefit from more transparent talk about money, says Anu Raijas, Adviser in Financial Literacy at the Bank of Finland.
Although major developments in artificial intelligence have recently been cause for much debate, the debt collection business has already been an early adopter of AI. It helps to optimise business operations and provide quality customer service.
Being in debt can have a major impact on a person’s mental health and wellbeing. Speaking more openly about debt can help to remove the stigma around the issue.
Debt collection is an important factor in maintaining a healthy credit market and thereby the growth of the economy in the Nordics - especially in times of high inflation, says Carsten Tanggaard, Professor of Economics at Aarhus University.
