Debt Collection Software Market

New product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings and mark the presence in the Debt Collection Software Market

Debt collection software is adopted by banks, finance companies, collection agencies, telecom and utilities companies, healthcare, law firms, and others across the globe for effective debt collection. Debt collection software boost the debt recovery and collection process, thereby improving the collectors’ productivity and operational efficiency. The adoption of cloud-based debt collection software solutions enables debt collection organizations and agencies to reduce bad debt rates. The growing need for customer-centric debt collection software, and rising need to outsource debt collection tasks to specialized collection agencies and self-servicing models to accelerate the collection process are the factors driving the demand for implementing the debt collection software.

MarketsandMarkets forecasts the debt collection software market to grow from USD 2.64 billion in 2018 to USD 3.73 million by 2023, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.

The major vendors that offer debt collection software across the globe include FICO (US), Pegasystems (US), Temenos (Switzerland), Experian (Ireland), Chetu (US), FIS (US), EXUS (UK), Sopra Banking (France), Quantrax Corporation (US), Indus Software (India), Pamar Systems (US), Intellect Design (India), Kuhlekt (Australia), Adtec Software (UK), Katabat (US), Advantage Software Factory (Romania), Totality Software (US), CSS Impact (US), Nucleus Software (India), Coface (France), Arvato (Germany), Ameyo (India), AgreeYa Solutions (US), SeikoSoft (US), and Debtrak (UK). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings and mark the presence in the debt collection software market.

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Experian adopted effective organic growth strategies to enhance its product offerings. For instance, in April 2017, the company launched new debt collection solutions, such as eResolve and PowerCurve Collections, to make the debt collection easier for consumers. Moreover, these solutions offer an online self-service platform to consumers and a simplified workflow to improve the debt collection process using data analytics. Furthermore, Experian partnered with Cloudera to improve its business lines, including credit information services, decision analytics, and business information services. This move would help Experian resolve credit underwriting problems and financial issues for clients’ business.

FICO is another top player in the debt collection software market. The company has undertaken several growth strategies, such as partnerships, product developments, and enhancements, to achieve the expertise in the debt collection software market. For instance, in June 2018, FICO partnered with Equifax RegTech Solution to launch the FICO Risk and Affordability Decision Suite. The suite is designed to evaluate borrowers’ capability to pay back the lent credit. Moreover, FICO released updated versions of FICO Origination Manager, FICO Strategy Director, and FICO Debt Manager. These updated versions are designed to support lenders in their digital transformation of collection and recovery processes.

Related Reports:

Debt Collection Software Market by Component (Software and Services), End-User (Banks, Collection Agencies, Finance Companies, Healthcare), Organization Size (Large Enterprises and SMEs), Deployment Type, and Region - Global Forecast to 2023

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Report Code
TC 6578
RI Published ON
9/4/2018
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