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.

The Debt Collection Software Market is expected to grow from USD 2.64 billion in 2018 to USD 3.73 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.2% !!

• Debt volume and risks are increasing globally, owing to the increased consumer borrowing and spending behavior. With the significant increase in debts, organizations across industry verticals are facing difficulties in the collection of debts from consumers.
• Debt collection organizations and agencies across the globe are deploying robust debt collection software to enhance their collection management process and optimize the recovery time. These software enable money lending organizations to effectively track expected payments and obtain statistical cash forecast. Debt collection requires experienced collectors who manage their debtors’ accounts, handle their queries, and fairly guide them to pay the debts on time.
• Moreover, debt collection software help debt collection agencies to enhance the customer experience by offering a digital self-service platform, which enables them to make payment against debts on time.

The growing need for customer-centric debt collection approach is expected to create ample opportunities for debt collection software providers. Dependency on debtor’s dynamic information and governments’ stringent rules and regulations for debt recovery process, such as Fair Debt Collection Practices Act (FDCPA) and Federal Trade Commission (FTC), are expected to be pose a challenge for the debt collection software providers.

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Major vendors offering debt collection software solutions 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 several organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings and enhance their presence in the global debt collection software market.