As the year comes to an end, it’s a good time to pause and review the journey we’ve travelled in 2024. This year brought its share of challenges, but it also revealed our resilience and adaptability in finding solutions. Whether we were navigating the complexities of a shifting business landscape or addressing emerging industry needs, our collective efforts have demonstrated the strength and creativity that define our community.
In 2024, the global macroeconomic landscape faced continued turbulence, driven by the lingering effects of inflationary pressures and high interest rates. Central banks around the world maintained tighter monetary policies to combat inflation, resulting in elevated borrowing costs. This environment posed significant challenges for both consumers and businesses, particularly in the field of credit. Loan portfolios experienced slower growth as high interest rates discouraged new borrowing, while rising household and corporate debt burdens contributed to an increase in non-performing loans (NPLs). Consequently, financial institutions had to focus more on their risk management systems and debt collection strategies, prioritising efficiency and agility to navigate these challenges. This in turn highlighted the vital role of advanced, data-driven technologies in ensuring resilience and operational excellence in the face of economic uncertainties.
Several global business trends in 2024 have significantly influenced the way organisations operate, emphasising, among others, the need for forward-thinking, adaptability, and a deeper connection with customers. Two of the most notable trends are AI and Automation and Personalisation:
- AI and Automation: The use of AI, particularly generative AI and large language models, is rapidly transforming sectors like customer service and decision-making. These technologies are now central to improving efficiency, offering enhanced personalisation, and driving strategic decision-making through advanced data analytics. AI-powered systems have streamlined processes across industries, enabling companies to meet customer demands faster and more accurately.
- Personalisation: In 2024, data-driven personalisation has become a core business strategy. Companies are increasingly leveraging AI and advanced analytics to offer tailored customer experiences. From personalised product recommendations to custom-tailored services, businesses are enhancing customer satisfaction and loyalty. This trend not only strengthens consumer relationships but also enables a deeper understanding of behaviour patterns to improve future offerings.
These trends reflect the ongoing evolution of the global business environment, where adaptability and technological innovation are crucial for long-term success.
At Loxon, we have continued to navigate and adapt to the evolving landscape by offering cutting-edge solutions that help our clients effectively manage debt collection and risk mitigation. Throughout the year, we focused on delivering seamless, client-centric services that combine the power of automation with human expertise.
One of the most important strategies we focused on was improving communication throughout the debt collection process. With omnichannel communication and optichannel strategies, we empowered our clients to reach their customers through multiple preferred communication channels, such as SMS, email, phone calls, and live chat. By leveraging data-driven communication, we ensured that each interaction was personalised and timely, significantly enhancing the customer experience and improving collection efficiency.
Automation played a significant role in our solutions, particularly with the development and expansion of our self-service app. This tool allowed customers to engage in debt resolution on their own terms, providing a seamless, convenient digital payment experience. The app’s features aligned perfectly with the demand for greater flexibility and autonomy in handling financial matters, all while maintaining a client-centric, data-driven approach.
However, automation alone is not enough. We also recognised the importance of combining it with human expertise to deliver optimal results. Our systems integrate advanced automated features while maintaining the ability for human agents to step in when necessary, ensuring that clients receive the best of both worlds – efficiency through technology and personalised support when needed.
In 2024, Loxon continued to embrace the transformative power of technology, focusing on delivering hyper-personalised customer experiences powered by AI. By leveraging artificial intelligence and advanced analytics, we tailored debt collection processes to each customer’s unique situation. Whether optimising the timing of interactions, offering personalised payment plans (PTP), or making the best proposals for repayment, our use of AI allowed us to continuously refine our approach, ensuring that each interaction was timely, relevant, and helpful.
In particular, Loxon Analytics proved crucial in enabling organisations to navigate economic uncertainty by leveraging AI-driven insights to hyper-personalise customer interactions, optimise collection strategies, and deliver actionable data. This ensured resilience and exceptional performance in the evolving financial landscape.
By offering cloud-based solutions and advanced technologies, Loxon has continued to innovate, staying ahead of trends and providing clients with scalable, future-proof solutions that support the growth and success of their businesses.
Throughout 2024, we remained dedicated to helping our clients meet their goals by leveraging data-driven, client-centric strategies to deliver exceptional outcomes in debt collection and risk management. These strategies are explored further in our comprehensive whitepaper, which provides insights into transformative approaches and solutions tailored to evolving industry challenges.
Everything we achieved and prioritised in 2024 is deeply aligned with Loxon’s core values, vision, and mission. Guided by our commitment to forward-thinking, customer-centricity, and excellence, we continuously deliver solutions that empower financial institutions to adapt and thrive.
As we step into 2025, we are energised by the promise of new challenges, including the growing interest in our end-to-end credit management solutions, especially in our Rating/Scoring System, EWS, and Collection Solutions. Fresh momentum and groundbreaking ideas will shape our future solutions to better serve our clients. Our unwavering commitment to human-centric solutions remains a cornerstone of our mission, complemented by significant strides toward enhanced automation. With the latest advancements in AI – both generative and machine learning – combined with proven technologies, we are ready to elevate our offerings to meet the evolving needs of our partners.
Stay tuned for an exciting 2025! As we move forward, you can expect more insightful articles covering this rapidly evolving field. Together, let’s continue to explore the challenges and advanced solutions that emerge from blending human expertise with artificial intelligence. Join us on this journey as we uncover new possibilities and redefine what’s achievable in the world of intelligent solutions.
As we wrap up 2024, we want to thank everyone who joined us on this journey – our loyal readers, valued clients and partners, and dedicated colleagues who contributed to the professional content, as well as the broader professional community. We wish you a joyful and restful holiday season and a New Year filled with success, growth, and exciting opportunities. See you in January, refreshed and ready for what lies ahead!
Happy Holidays!