As the Covid-19 pandemic continues to unfold, loan servicers are experiencing unprecedented call center and default volumes as customers struggle to stay above water. With a looming global recession in 2020, financial institutions are reevaluating their loan servicing operations across the board (mortgage, auto, commercial, and personal).
During the last financial crisis in 2008, the rate of foreclosures in the United States more than quadrupled over five years, reaching a high of 1.18 million homes as falling valuations and high unemployment pushed people into default. At the same time, 3.7 million homes were in serious delinquency.
Watch the DXC Technology discussion on what lessons can be drawn from previous downturns and how institutions can better prepare their operations, technologies, and customers for what’s ahead. Topics included:
How to rapidly scale capacity and quickly train internal resources and customers while maintaining customer satisfaction.
- Self-service and a single source of truth
How to give customers more control over the process
- Speed to change
How to proactively react in a matter of days– not weeks or months– in a dynamically changing environment.
How to maintain a consistent audit trail throughout the process
Featuring Bart Bailey, Head of Global Lending Product Management, DXC Technology and David Penn, Research Analyst, Finovate.