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Debt Collection Software Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)

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New York, Aug. 10, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Debt Collection Software Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)” – https://www.reportlinker.com/p06484226/?utm_source=GNW
The Debt Collection Software Market size is expected to grow from USD 4.43 billion in 2023 to USD 7.19 billion by 2028, at a CAGR of 10.17% during the forecast period (2023-2028).

Key Highlights
The increase in regulatory compliance requirements, such as the Payment Card Industry Data Security Standard (PCI DSS), Health Information Technology for Economic and Clinical Health (HITECH), and the Health Insurance Portability and Accountability Act, is a major factor driving the adoption of debt collection software across several industry verticals. As huge corporations expand their operations geographically, they come under the scrutiny of several regulatory organizations.
Accounts receivable are legally enforceable claims businesses hold for items or services purchased by end customers but not yet paid for. The drive for automation has been fueled by the need to speed up day-to-day operations by offloading labor-intensive administrative duties to technology. The market for debt collection software is expected to increase as automation of accounts receivable operations facilitates the shift of invoicing activities to digital practices. Furthermore, automating the debt collection and recovery process improves debt collection efficiency by methodically identifying the causes and reducing the time required to handle the cases.
Further, the automated debt collection solutions market is predicted to rise dramatically as organizations that collect debts are pressured to decrease costs while improving operations and boosting income. This component is expected to significantly contribute to the growth of the global market for debt collection software. Furthermore, automating the debt collection process eliminates the need for spreadsheets and frees up resources to focus on revenue-generating activities. Again, using intelligent automated techniques makes it easier to maintain consistent communication, deliver bills quickly, follow up on leads, calculate and analyze key performance indicators (KPIs), and retain critical data in a single area.
Predictive analytics has emerged as a crucial enabler that assists in categorizing clients based on their attributes and developing customized debt management and advice programs for each customer segment. It integrates approaches to debt collection, such as data mining, machine learning, artificial intelligence, and statistical modeling. Furthermore, big data analytics makes gathering critical information about debtors easier. Demographic data or behavioral aspects, such as the time a debtor will respond to a call, can substantially impact the success of debt collection calls.
Enhancements to software for introducing new features and the obligation to maintain the program up-to-date contribute to a rise in maintenance expenses. Furthermore, debt collection software requires the entry of a large amount of data; hence, faulty implementation can take years. While problems linked to software deployment with an organization’s IT infrastructure can be time-consuming and costly, it delays the anticipated return on investment from this product.
The economic stress caused by the pandemic caused millions of people to incur enormous debt. As a result, governments amended and strengthened existing legislation to safeguard debt-ridden households and enterprises. In the United States, the Fair Debt Collection Practices Act (FDCPA) enacted an Interim Final Rule (IFR) that updated Regulation F to safeguard customers from being misled into believing they are ineligible for interim protection from eviction due to insolvency. This may have created an opportunity for the market to grow.

Debt Collection Software Market Trends

Increasing Automation in the Debt Collection Process to Drive the Growth

According to the Flexera 2022 State of the Cloud Report, migrating workloads to the cloud is widespread across industries. This is especially significant in financial services, where it was the top cloud initiative for 2022. 62% percent of the 154 survey respondents from financial services businesses said they intend to make progress on this measure in the future year. This workload movement indicates growing trust in cloud providers’ security capabilities and policies to provide adequate protection.
Further, one-third (33%) of financial services organizations anticipate using a mix of on-prem and cloud/software-as-a-service (SaaS) for corporate financial data. Even more (35%) anticipate utilizing a mix of on-premise and cloud/SaaS for consumer data, such as personally identifiable information (PII) and protected health information (PHI). 44% of financial services or organizations’ data is in the cloud, a number expected to grow to 52% in the coming year.
Similarly, 78% of financial services businesses run workloads on Amazon Web Services (AWS), while 76% run workloads on Azure, virtually placing these two public clouds on a level. Google Cloud Platform ranks third, with 43% of financial services businesses running workloads on it. Regarding where the instances operate, 46% of financial services firms use more than 100 instances in AWS, while 51% of financial services organizations run more than 100 instances in Azure. 22% of financial services businesses spend more than USD 6 million per year on AWS, whereas 18% spend more than USD 6 million per year on Azure.
The public cloud allows users to store and process their data, along with various capabilities that share resources to achieve economies of scale in third-party data centers. Using public cloud platforms signifies that the users can use the same services without concern about data storage and management. These are useful for organizations in reducing the potentially expensive costs of purchasing, managing, and maintaining the on-premises software. These cloud services are usually offered through an automated online channel independent of human interaction. Since these services require low fixed costs and are scalable, they are well-suited for local governments. Public clouds are much closer to government agencies, owing to their benefits, such as cost and pay-as-you-go models.
Public entities operate in traditional IT environments where most of the work is accomplished through keyboard entries, manual labor & opening tickets. In the public cloud, the software can configure and deploy services and manage all life cycle phases, whether deploying a new server or a new network component. Moving to a software-defined environment allows organizations to do things quicker and with more agility in a way that is more predictable, repeatable, auditable, and testable.

North America is Expected to Hold Significant Share

The North American region poses significant opportunities for the growth of the debt collection software market. The region has been facing several challenges in terms of debt recovery. Even if American student loans were to be excused or restructured, there would still be trillions of dollars left to be repaid in the United States alone. Yet, the debt collection industry has seen little of the past decade’s fintech revolution.
According to Northwestern Mutual, In 2022, 18% of US consumers claimed their primary source of debt was their home mortgage, while 20% said credit card debt was their primary source of debt. Further, according to International Monetary Fund (IMF), in Q1 2022, the United States’s household debt amounted to nearly 75% of its GDP. Such a rise in debt would push financial service firms and banks to adopt the debt software market. This may create an opportunity for the market players to develop new solutions to capture market share.
In May 2022. Payix, a REPAY company and a nationwide player in borrower-facing collections and communications tools, announced the expansion of its exclusive partnership with Nortridge Software, a leading software provider for lenders and loan servicing companies, to provide Nortridge clients with online cash payment acceptance, or eCash. eCash simplifies payment acceptance by allowing borrowers to make loan payments in cash at thousands of partner retail outlets, including major convenience stores, dollar stores, and pharmacies.
Increased demand for self-service payment models in the region is a critical factor driving market growth, as is the increased prevalence of integrated debt collection software and the need to improve debt recovery rates and reduce bad debts by managing different debt categories, among other factors driving the debt collection software market. Furthermore, technical developments and modernization of production procedures will generate new chances for the debt collection software market throughout the forecast period.
Debt collection laws are the primary regulators of debt collection agencies, creditors, and other debt recovery agents’ operations. Debt collection software makes compliance with industry-specific regulatory norms and laws possible. The program supports compliance management through document control, compliance training, ongoing audits, and the recording and reporting exception occurrences and corrective actions. The necessity for regulatory compliance drives greater investments in debt collection software.

Debt Collection Software Industry Overview

The debt collection software market is fragmented. The degree of fragmentation will accelerate during the forecast period as the various industries are experiencing a massive transformation due to technological advancement, and the players compete to provide the best solution. Some of the recent developments in the market are:

In November 2022, FICO and IMTF entered an exclusive contract for essential software and intellectual property. This makes it possible for IMTF to enhance and expand the Siron Suite and provide global support for the apps and associated software-as-a-service (SaaS) offerings. FICO will transfer all customer relationships and commitments related to Siron to IMTF as part of the transaction.

In February 2022, Sila Inc., a fintech software platform that provides payment infrastructure, announced a partnership with TrueAccord, the leading debt collection company offering intelligent, digital-first collection and recovery solutions, to make TrueAccord’s products and services more accessible to Sila’s customers. Dealing with overdue and defaulted accounts is a critical component that fintechs must have in their overall fund management. TrueAccord delivers a tailored, self-service experience that fosters consumer engagement and industry-leading results by leveraging a unique machine-learning engine and engagement data from millions of customers.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06484226/?utm_source=GNW

About Reportlinker
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Saviynt Appoints James Ross as RVP-ANZ to Strategically Accelerate Growth in the Australia and New Zealand Region

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LOS ANGELES, May 22, 2024 /PRNewswire/ — Saviynt, a leading provider of cloud-native identity and governance platform solutions, today announced the appointment of James Ross as RVP-ANZ as the company has seen rapid growth in the Australia and New Zealand (ANZ) region, with double digit growth year over year.

Saviynt has solidified its position as a key player in the cloud identity security landscape with its Identity Cloud. The company’s continued focus on innovation and client satisfaction has contributed significantly to building a safer Australia with prominent customers across the energy and utilities, finance, retail, energy, and transport and logistics sectors.
“James’ appointment as the Regional Vice President (RVP) for ANZ marks a strategic move to accelerate growth and solidify market presence in the region,” said Dan Mountstephen, SVP APAC at Saviynt. “With a proven track record of dynamic leadership at Collibra, ForgeRock, and CA Technologies, James brings a wealth of experience and expertise to the role. His visionary approach and collaborative spirit are poised to inspire and mobilize teams toward ambitious targets.”
Saviynt has consistently expanded its client base and deepened its relationships with existing customers through customized solutions and unparalleled support, cementing its reputation as a trusted partner in the region’s cybersecurity ecosystem. As RVP ANZ, Ross is set to foster key partnerships and implement agile strategies to propel the company towards new heights of success in the dynamic ANZ market.
“Joining Saviynt excites me because it’s an opportunity to help more organizations simplify their identity ecosystem in order to drive efficiencies and improved security posture. I am committed to leveraging Saviynt’s cutting-edge solutions to continue to broaden our partnerships in the region to improve our accessibility for customers, strengthen our regional delivery, whilst continuing to provide a great customer experience,” said Ross.
To learn more about Saviynt, please visit our website.
About Saviynt
Saviynt empowers enterprises to secure their digital transformation, safeguard critical assets, and meet regulatory compliance. With a vision to provide a secure and compliant future for all enterprises, Saviynt’s cutting-edge solutions have been recognized as industry leaders. For more information, please visit www.saviynt.com.
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Jacklyn [email protected]
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Appdome Sweeps Cybersecurity Excellence Awards

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Unified Mobile Defense Platform Recognized for Innovation and Leadership Across Nine Cybersecurity Categories
REDWOOD CITY, Calif., May 21, 2024 /PRNewswire/ — Appdome, the mobile app economy’s one-stop shop for mobile defense, today announced it has received a total of nine (9) Cybersecurity Excellence Awards. The Appdome Unified Mobile App Defense Platform was awarded best in class across nine categories in recognition of the comprehensive breadth, depth and value of the Appdome platform to brands and enterprises alike.

“We congratulate Appdome on being recognized as an award winner in 9 categories of the 2024 Cybersecurity Excellence Awards,” said Holger Schulze, CEO of Cybersecurity Insiders and founder of the 600,000-member Information Security Community on LinkedIn, which organizes the 9th annual Cybersecurity Excellence Awards. “With over 600 entries across more than 300 categories, the awards are highly competitive. Appdome’s achievement reflects outstanding commitment to the core principles of excellence, innovation, and leadership in cybersecurity.”
Within a single pane of glass, Appdome delivers the most complete set of no-code, no-SDK, fully automated mobile defenses to mobile brands and enterprises, empowering mobile developers, cybersecurity, fraud and IT teams to deliver on any mobile cyber objective quickly and easily.
The nine (9) categories in which Appdome received a Cybersecurity Excellence Award are:
Mobile Security Platform: Appdome is the only enterprise-grade mobile security platform built for full mobile defense lifecycle management, visibility and control to brands and enterprises alike, including key features for build, test, release, monitor, response, and compliance automation. Mobile Security Automation: Appdome is the only mobile defense solution that uses machine learning to code and build over 300+ mobile app security, anti-fraud, anti-cheat, anti-malware, anti-bot, geo-compliance and other defenses in Android & iOS apps in the DevOps pipeline.Mobile Social Engineering Defense:  The Appdome Social Engineering Prevention solution is the first of its kind to protect mobile users from voice phishing (Vishing) scams and other imposter scams, T.O.A.D. attacks, Remote Access Trojans (RATs), Gold Pickaxe, FaceID bypass and more without an SDK or external servers.Mobile Bot Defense: The Appdome MOBILEBot™ Defense solution is the first mobile anti-bot solution to come out of the box compatible with any industry standard web application firewall (WAF) on the market and provide multi-layered bot, credential stuffing and Account Take Over (ATO) defense without an SDK, external server, performance limits, or restrictions.Mobile Geo Compliance:  Only the Appdome Mobile Geo-Compliance solution guarantees accurate and authentic geo location of mobile devices, applications and users without code or coding in the mobile app, without implementing an SDK and without deploying additional servers.Mobile XDR: The Appdome ThreatScope™ Mobile XDR solution is the only mobile attack and threat monitoring service that comes pre-packaged into the mobile defense lifecycle, requires no device agent, device profile, separate code, coding, SDK or server, and provides real-time detection and automated response across internal (employee facing) and external (consumer facing) Android & iOS apps.DevOps Mobile Security Tool: The Appdome platform’s fully integrated Security Release Management™ capabilities and Appdome Certified Secure™ mobile DevSecOps certification offer the only true enterprise-grade compliance assurance, audit and control for mobile defense at brands and enterprises, allowing quick verification that all security, anti-fraud and compliance objectives have been met.   Mobile Application Security:  With 300+ separate defenses for mobile apps, Appdome has the most comprehensive set of mobile application security features available in one product, fully compatible with all mobile Android & iOS apps.”Nine Cybersecurity Excellence Awards for Mobile Defense tells a very compelling story for the incredibly complex Dev, Sec, and Ops challenges organizations face detecting and defeating mobile-based risks and attacks,” said Chris Roeckl, Chief Product Officer at Appdome. “Point products make these challenges worse by adding complexity and overloading already taxed cyber and engineering teams. Appdome is the only platform simplifying work, bringing all these unique challenges under a single pane of glass, delivering 300+ protections and simultaneously resolving the security, fraud, resilience and compliance challenges brands and enterprises face.”
Learn more about the award-winning Appdome Platform at www.appdome.com or request a personalized demo at https://www.appdome.com/request-a-demo/appdome-home/
The full list of awards are available from the Cybersecurity Excellence Awards website  https://cybersecurity-excellence-awards.com/
About AppdomeThe Appdome mission is to protect every mobile app and mobile user in the world. Appdome provides the mobile industry’s only Unified Mobile App Defense platform, powered by a patented mobile coding engine, Threat-Events™ Threat-Aware UX/UI Control, and ThreatScope™ Mobile XDR. Using Appdome, mobile brands eliminate complexity, ship faster and save money by delivering 300+ Certified Secure™ mobile app security, anti-malware, anti-fraud, mobile anti-bot, anti-cheat, geo compliance, MiTM attack prevention, code obfuscation, social engineering and other protections in Android and iOS apps with ease, inside the mobile DevOps and CI/CD pipeline. Leading financial, healthcare, government and m-commerce brands use Appdome to protect Android and iOS apps, mobile customers and mobile businesses globally. Appdome holds several patents including U.S. Patents 9,934,017 B2, 10,310,870 B2, 10,606,582 B2, 11,243,748 B2 and 11,294,663 B2. Additional patents pending.
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Courageous Whistleblowers Reclaim Derogatory Terms As Data Shows 80% of Financial Professionals Stay Silent on Suspected Internal Fraud, Fearing Retaliation

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Enron whistleblower, Sherron Watkins, alongside stars of Apple TV’s The Big Conn, Sarah Carver and Jennifer Griffith, reclaim derogatory labels for whistleblowers          Concerning new data shows more than half of financial professionals in the UK and US have spotted or suspected internal fraud in their workplaces, yet four out of five stay silent fearing retaliation          32% of professionals in finance have seen whistleblowers victimized behind their back or to their faceJACKSONVILLE, Fla., May 21, 2024 /PRNewswire/ — New data from fraud detection software company Medius shows more than half of financial professionals in the UK and US (56%) have spotted or suspected internal fraud in their workplaces yet four in five (81%) stayed silent. When asked why, 45% of professionals cited the fear of recrimination.

Whistleblowers Sherron Watkins, Sarah Carver and Jennifer Griffith have joined forces to reclaim the derogatory names they were called after reporting serious internal financial fraud.
To help empower others to come forward, the whistleblowers are reclaiming the terms “snitch”, “rat” and “traitor”.
Sherron Watkins is the former Vice President of Enron Corporation who alerted the CEO to accounting irregularities, warning the organization “‘might implode in a wave of accounting scandals.” Watkins received national acclaim for her courageous actions and TIME magazine named her along with two others as their Persons of the Year in 2002, calling them simply ‘The Whistleblowers.’
Sarah Carver and Jennifer Griffith are the stars of Apple TV’s The Big Conn after they exposed a fraud scheme of more than $550 million while employed at the Social Security Administration. In efforts to silence their disclosures, they experienced multiple acts of severe retaliation and were denied protection. Ultimately, both Carver and Griffith were forced from employment.
Concerns of repercussions are vindicated – the survey reveals the extent to which financial professionals in the UK and US have witnessed negative consequences for whistleblowers firsthand:           
59% have seen whistleblowers subsequently left out of important decisions           33% have seen whistleblowers moved to a different team           32% have heard whistleblowers called derogatory names behind their backs or directly to their faceWhen asked what would encourage them to flag suspicious activity, 93% of workers surveyed would feel more comfortable doing so if they had more evidence, yet nearly half (48%) said the legal system simply does not adequately protect whistleblowers.
Jim Lucier, CEO at Medius, a leading global provider of cloud-based accounts payable automation and spend management solutions, said:
“White collar crime is on the rise and no organization is safe. Employees are the last line of defense against fraud but confidence to report suspicious activity is declining. AI anomaly-detection technology can provide employees with the evidence and assurances they need to be more forthcoming. Building a culture where employees feel comfortable to report their suspicions could save organizations millions in the long-run.”
Medius works with over 4,000 customers across 102 countries and processes $200 billion in annual spend. It uses the power of AI and automation to detect fraud the moment invoices are submitted safeguarding against bad actors and potential threats, internal and external.
Sherron Watkins, whistleblower who was called a “snitch”, said: “When someone is troubled by corporate wrongdoing and they attempt to sound the alarm, the pathway is uncharted, things happen organically. Normal rational people speak about their concerns with their closest friends and work colleagues, who often suggest staying safe saying “keep your head down, if you must report, go soft, nothing black and white.” Yet black and white evidence is what is needed to get the attention of those in power, either internally or with media or outside watchdog groups to prevent or stop fraudulent activity.”  
Jennifer Griffith, whistleblower who was called a “traitor”, said: “Choosing to blow the whistle involves more than just the desire to right a wrong.  It’s about protecting their employers from fraud. However, it’s more often than not seen as causing trouble for the employer, or as a self-serving action to get a financial reward. No one who chooses to blow the whistle expects to have their reputation attacked, their credibility impugned or to lose their job. The cost of ignoring a whistleblowers complaints are far greater than acknowledging that a problem exists and taking steps to fix it.  It’s been 19 years since I blew the whistle and the problems that existed then with the Social Security Administration still exist today. We must do more to protect whistleblowers.”
Sarah Carver, whistleblower who was called a “rat”, said: “The government’s attempt to conceal the fraud resulted in exacerbated damage, whereas a more prudent approach would have entailed immediate acknowledgement and rectification upon initial disclosure. The retaliatory measures aimed at silencing me made me stronger and fight harder to find someone to listen and stop the fraud.”
Georgina Hallford-Hall, CEO of Whistleblowers UK, said: “Too many organisations talk the talk but fail to engage with whistleblowers often at great cost to both. Technology used properly can remove the fear that both organisations and whistleblowers have about dealing with whistleblowing because it removes the person and focuses on the concerns or malfeasance. WhistleblowersUK are calling on the UK government to introduce an Independent Office of the Whistleblower to protect everyone from discrimination setting standards that end stigmatisation and discrimination making it safe to speak up.”
The billboard advertising campaign runs on Wall Street from Saturday, 18th May to Friday, 24th May 2024.
For more information about how Medius can prevent fraud, visit: https://www.medius.com/whistleblowing/
Notes to Editor
Methodology
The research was conducted by Censuswide with 1500 financial professionals in the UK and US (aged 18+) between 04/22/24 – 05/07/24. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles and are members of The British Polling Council.
For more information, please contact: 
Fight or Flight for [email protected] / +44 330 133 0985
This information was brought to you by Cision http://news.cision.com
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