There is a degree of infamy attached to field collections in many Middle Eastern countries. There are many cultural implications to consider, and many an instance of corruption and unscrupulous tactics.
In the Middle East, debt collection is more complicated than anywhere else in the world (with Saudi Arabia and the UAE topping the charts for tough debt collection). This is down to several factors, such as antiquated payment terms, outdated court practices, and needlessly complicated insolvency regulations.
Slow payment is a cultural norm and commercial practice: - Companies' cash flows are impacted by usual long terms - Religious holidays slow down the economy of the entire region.
The Debt collections business is primed for even greater transformation in 2022 -23, which should come as no surprise. The latest modification to Reg F, lenders' digital-first strategy to engaging with consumers, and the improving economy are all going to make things more difficult for third-party collectors. Changes in customer behaviour and the termination of industry-specific moratoriums are exacerbating the situation.
So, what are the most essential trends to watch for in your industry?
Recovery and Collections Summit - Middle East is the First and Only Large-Scale Conference & Exhibition bringing together 600+ top Industry experts from KSA, UAE, Oman, Kuwait, Qatar, Bahrain & Egypt to discuss the latest technology and digital transformation strategies to overcome challenges and empower organizations to be future ready, strengthening operations, increasing productivity, and improving customer experience in the Debt & Loan Collections, Subscriptions & Renewals and Credit systems. Join the talks and showcase your solution to the right pool of attendees in the Collections space and connect with most potential decision makers from top organizations from the MENA region.
Weaving Collections and Recovery into Business Strategy
Maintaining a Positive Customer Experience During Collections
Talk Techs: Digitizing Collections for Faster Debt Recovery
Managing Multichannel Debt Collection Model: Rise of E Commerce Subscriptions & Renewals
The Importance of "Self-Service" platformss
Decoding the Scope, Scale and Challenges of the BNPL
Understand consumer sentiment and preferred channels