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Expert Harps On Digital Revolution in Nigeria’s Debt Collection Sector
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Fisayo Aluko, a Fund Recovery Expert, has said there’s a need to integrate technology into fund recovery workspace in Nigeria. Aluko made this statement recently saying it is a common knowledge that digital innovation is sweeping and reshaping all sectors of the economy.
According to him, he said it’s high time banks and other financial services provider leverage available technology to recover funds. He emphasizes that the existing framework for loan recovery in Nigeria has fallen behind, posing challenges for lenders in effectively reclaiming loans.
With over thirteen years of rich banking experience, the fund recovery expert, says he’s pioneering the integration of digital solutions in the realm of debt collection. Leading a digital fund collection team within a reputable financial institution, Aluko’s approach is not just about innovation but also about ethical excellence.
His expertise, particularly honed over a decade in loan recovery, positions him as a vanguard advocating for a digital transformation that promises to redefine the landscape of financial services in Nigeria.
Aluko in his statement further points out the difficulties in current debt recovery efforts, including borrowers who obstruct the process by hiding assets or defaulting on repayments.
He said, “financial institutions must adopt a transformative strategy that moves beyond the labor-intensive methods of the past towards a more efficient, ethical, and effective future.”
He discloses his blueprint for change which includes streamlining recovery processes to enhance speed and effectiveness, integrating technology for systematic collections, and adopting personalized communication strategies to encourage proactive borrower engagement. Furthermore, he emphasizes the importance of prioritizing data security and confidentiality, ensuring that the move towards digital does not compromise customer trust.
He observes that borrowers often hinder the recovery process by concealing assets or refusing to repay debts.
Addressing these challenges the expert says requires a robust framework, enhanced borrower education, and the strengthening of recovery institutions through training and capacity building initiatives. Aluko proposes a shift from labor-intensive outbound approaches to a loss-preventative inbound operation. He said that this entails offering pre-approved treatment strategies and personalized communications to incentivize customers to proactively engage in the recovery process.
Improve communication channels and personalized debt collection approaches. As the financial sector in Nigeria navigates through the digital age, Fisayo Aluko’s advocacy for technology in debt collection emerges as a beacon of progressive change. His vision for a tech-enhanced, ethically driven recovery methodology promises not only to revolutionize debt collection but also to set a new standard for the banking industry at large.