Selecting a digital self-service debt management solution | Flexys

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Selecting a digital self-service debt management solution

by Jon Hickman

Five considerations you might not hear from other suppliers

Is the time right for digital collections?

The demographics

Even the most resistant voices now concede that the digital era is well and truly upon us. With Generation-Z – the ‘digital natives’, coming of age, ready to become fully-fledged consumers, and Millennials set to make up 50% of the global workforce by 2020, the drive towards a digital society has moved up a gear.

It’s not all about young people though; Deloitte expects smartphone ownership among the 55-75 age bracket to rise to 85% by 2023, as generational anxiety about technology continues to melt away. Customers expect online and mobile interaction that is convenient, fast and highly personalised. The initial resistance to contactless payment and online banking is a distant memory.

Digital transformation

Pete Redshaw of Gartner finds that the current attitude of the financial services sector towards digital transformation to be ‘dangerous’ and that it ‘underestimates the degree of change digital transformation will bring to the industry.’ Those left clinging to 20th-century business and operating models risk failure. Behind these statistics, the benefit to businesses is clear and simple: digital technology can optimise efficiency. A leaner operation will emerge from the other side. The UK Government’s digital programme notes ‘rising take-up and falling costs’ and advocates making digital services “so good that people will prefer to use them.’

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