Staying ahead in collections operations is vital for maintaining a healthy bottom line. Automation technologies are reshaping the landscape by bringing unparalleled efficiency, speed, and accuracy to collection processes, allowing financial institutions to effectively manage their portfolios while reducing the burden of human error.
Mid-sized financial institutions (FIs) — including community banks, regional banks, and credit unions — face growing challenges in automating their lending processes. This is particularly true for small to mid-sized businesses (SMBs). While 70% of FIs have automated consumer lending, only 33% have done so for SMBs. This gap in automation is leading to higher delinquency rates and operational inefficiencies.
In a September 2024 opinion, the United States District Court, Southern District of New York (SDNY) addressed the conditions for transfer of consent under the FCC’s Telephone Consumer Protection Act (TCPA) Do Not Call (DNC) rules. The case, Watson et al. v. Manhattan Luxury Automobiles, Inc., which involved marketing texts sent to former customers of a now defunct car dealership by a then-related dealer seeking to service those customers, sheds light on the question of whether and when consent to receive communications can be transferred from one entity to another, particularly in cases where businesses have closed or transferred operations.
Recently, Cisco Systems, Inc. responded to hackers’ claims that the company was the recent victim of a cyberattack. While Cisco has not yet confirmed that company data was compromised, a representative explained that the company is aware of the claims and is in the process of conducting an investigation.
.jpg)
.jpg)