The following report represents statistics gathered to get an insight into the current state of the debt collection industry in the UK and the technologies that allow debt collectors to minimise risk and successfully manage debt recovery processes during times of uncertainty.
There are several factors that make debt collections problematic during times of crisis. With many debtors experiencing a sudden decrease in wages and some perhaps being laid off entirely, country-wide disruption of businesses often results in periods of grave uncertainty – not something that sits well with debt repayments, which thrive on consistency.
Debt collections software provides a lifeline for banks and collectors in times of uncertainty. It has already helped countless collectors through some of the most severe natural and economic disasters of the last few years.
Over the past couple of years, debt collection has been disrupted by Artificial Intelligence. AI is enabling companies to use advanced analytics, behavioural science and machine learning to their advantage. It allows companies to seamlessly automate debt collection strategy, and drive average days sales outstanding down, while also staying within the ethical framework and providing the human approach.
Table of Contents
- Consumer debt of the UK citizens
- Statistics on money and credit
- Consumer credit growth rate
- Challenges of the UK microfinance sector in 2022
- The cost-of-living crisis
- Key takeaways
- Company insolvency statistics for England and Wales – Q2 2022
- Legislative frameworks concerning the provision of microcredit in the UK
- UK debt collection industry overview
- UK debt collection market context and trends
- Competitive landscape
- Macroeconomic trends affecting the industry 19 Key trends affecting the industry
- Debt collection software market
- AI in the debt collection industry