Collections Challenges Infographic - Momenta Group

Collections Challenges InfographicADMIN_MEDENA2021-08-05T13:22:37+00:00

Collections Solutions

What do you think will be the biggest challenges for lenders during their bounce-back loan collections?

Momenta recently ran a poll asking what are some of the biggest challenges lenders will face during their bounce-back loan collection efforts.

Lack of collections staff 24%

Reputational damage 9%

Lack of KYC and AML efforts 35%

Repayment and term planning 32%

Results have indicated that there are many aspects to consider for UK Banks and credit providers in the months to come.

One of the biggest challenges according to poll respondents was the lack of KYC and AML efforts.

The challenges ahead are complex and varied, and whilst the majority of voters believe that a lack of KYC/AML is going to be the biggest of all, it’s clear there is much to consider.

75bn

to 1.6million firms has been distributed by banks under several emergency support schemes.

Banks and other lending providers will need to prepare to allocate additional teams of staff to spearhead the recovery of funds.

12 month

interest-free period is ending resulting in significant repayment collections efforts that need to be launched by all lenders.

Recovery of funds will need to be conducted in an efficient, empathetic and effective manner, whilst ensuring customers are treated fairly and in a way that is aligned to regulatory expectations and requirements.

See how we can help your business as you manage the post-COVID landscape and tackle the challenge of responsible and effective lending reviews and repayment collections.