In 2023, the global consumer credit market reached a value of 10.8 billion USD, and projected to increase at a compound annual growth rate (CAGR) of 4.8% until 2029 when it is forecasted to reach 14.2 billion USD. According to our white paper, this is the likely result of American consumers' growing preference for marketplace lending platforms, which in turn is leading to growing consumer debt.

This growing consumer debt poses a significant challenge for creditors. Facing financial burden, consumers are making late payments or no payments at all on their credit card and “buy now, pay later” (BNPL) plans.

A Win-Win for Creditors and Consumers

The lifeline of every creditor is highly dependent on recouping outstanding payments. However, debt collection is a sensitive issue – especially when customers are embarrassed by their financial problems. When handled with empathy and centered on the customer, the collections process provides a prime opportunity to boost revenue while simultaneously strengthening customer loyalty. 

“Efficient, empathic, flexible, and customer-centered debt collection brings multiple wins: consumers free themselves from the burden of debt, creditors get the payments they’re entitled to receive, and the entire process can preserve and even enhance a brand’s image,” explains Mamta Rodrigues, Teleperformance Global President of Banking, Financial Services and Insurance, in a recent article in Banking Dive.

How can creditors strike the balance between effective debt recovery and maintaining customer relationships? Creditors must first acknowledge that combining digitally advanced solutions with human empathy yields the best results.

Seamless, Empathetic Collections Services Powered by a Global Leader

Teleperformance’s debt collections services include data analytics and predictive modeling to deploy courteous, customized and predictive collections processes that build rapport with consumers, enabling non-confrontational and collaborative repayments. We also leverage artificial intelligence and machine learning to help reduce costs associated with the debt collection process.

While consumer debt continues to grow, Teleperformance remains committed to helping creditors transform, refine, simplify, and improve their debt collection strategy.

While here, download our white paper “ A High-tech, High-touch Approach to Debt Collection” to learn more about Teleperformance’s collections services.