Finovate Webinar: Loan defaults are about to surge – what have we learned from previous crises?
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 the potential of a rapid global recession in 2020, financial institutions are reevaluating their loan servicing operations across the board (mortgage, auto, commercial, 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 1.178 million homes as falling valuations and high unemployment pushed people into default. At the same time, 3.7 million homes were in serious delinquency.
Join DXC Technology for a 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 will include:
• Scalability: how to rapidly scale capacity, quickly training internal resources and customers while maintaining customer satisfaction
• Self-service and a single source of truth: giving customers more control over the process
• Speed to change: in a dynamically changing environment, servicers need to proactively react in a matter of days, not weeks or months
• Auditing: 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.