Skip to main content

Top Tech Trends Impacting Debt Collection

Source: TSI, http://tsico.com

If your debt collection firm isn’t using analytics to predict consumer behavior you’re at risk of falling behind.

~~~

It’s no longer surprising that digital technology has disrupted every industry, including debt collection. From new data-driven software to internet security and workflow automation, tomorrow’s debt collection firms will look nothing like the local Mom and Pop agencies still mired in workflows straight out of the 1990s.

This post looks at how tech is impacting the debt collection industry. Browser-based platforms and multichannel collections processes are enabling professional firms to contact debtors where they live — online.

Digital Debt Collection

Business Wire published a press release from Technavio recently citing their published report on some of the latest software trends impacting debt collection. The report suggests the following trends as drivers of new tech in debt collection:

  • Increasing pressure for CFOs in every sector to improve their bottom line – including accounts receivable.
  • A desire by most companies to reduce the amount they spend on debt collection, which is the impetus both for outsourcing the process and for debt recovery agencies to adopt new technology to cut costs.
  • Consumer trends that show us fairly addicted to cell phone technology and the internet.
  • Increasing regulatory requirements at the local, state and federal levels have created a need for software that automates the compliance process, which protects both the debt collection firm and their client.
  • The worldwide proliferation of malware threatening client data in transit and at rest.
  • The necessity of improving customer relationships even during debt collection.

These trends have spawned a variety of digital disruptors in the form of technology that has impacted what has been a fairly traditional industry. They include:

  • The rise of browser-based platforms focused on omni-channel collection efforts that include debt collection by traditional means (letters and phone calls), and now, if opted in, email, as well as easy-to-use online portals for debt repayment. This allows a consistency of communication to consumers, a greater opportunity for automation, as well as customer personalization that allows debt collection agencies to reach consumers in their preferred channel and with preferred payment options.
  • The introduction of sophisticated data analytics tools that allow debt collection firms to closely analyze consumer behavior and the market trends driving that behavior. These analytics can help debt collection firms cull out consumers that will be more likely to pay all or a portion of their debt.
  • More stringent data security protocols and procedures to help keep consumer data safe from nefarious attacks.

Debt collection agencies must continue to embrace technology to stay competitive while leveraging data analytics to improve their efficiencies, stay compliant with applicable law, and protect critical client data.

To find out more about how TSI’s technology can impact your accounts receivable, contact me directly at david.wiener@cashflowstrategies.us or call me at 888-780-1333.

business

Comments

Popular posts from this blog

Analyze Your Website and Competition for Free Organic Traffic & Put Your Site on Steroids

Analyze your website and competitor websites and unlock FREE organic traffic. website analysis , SEO analysis, rank and index analysis, much more. Understand at an even deeper level how Google works, what are the factors affecting your search engine ranking, what you need to do to get to page one ranking and how you can drive that extra organic traffic for free. Web Analysis: With help of web analysis module you will be get very deep analysis in right format like : Whois Info, MOZ Info, DMOZ Listing, Mobile Friendly Check, Keyword & Meta Info, Search Engine Index and lot more. Rank & Index Analysis : This Module gets your Alexa Data, SimilarWeb Data, MOZ Check, Google Index Check, Bing Index Check along with your Competitos dtaa In one single Dashboard to help you analyze where you stand against Competiton and what you need to do in order to beat them.. Social Network Analysis : Just add your Social Media page URLs and this module will get you all BI data for your page like - H...

How Fire and Storm Damage Restoration Professionals Can Assist

When fire and water damage restoration is necessary, there are various methods of approaching each clean-up and repair work task, depending upon the circumstances included. For example, what does it cost? water was associated with the flooding occurrence? Was the water reasonably tidy or was it infected with sewage, chemicals, or other toxic substances? For how long was the water permitted to sit ignored, permeating walls, carpet, wood kitchen cabinetry, and furniture? Were harmful chemicals involved in the fire? Just how much smoke and soot permeated the facilities? Just how much and what sort of poisonous fumes and gases were produced by the blaze? With fire and water damage restoration, there are other issues to consider too. Smoke and fire damages need to be cleaned out and properties need to be aerated to minimize odors. Floodwater, spills and water accidents need to be gotten rid of and dried as quickly as possible. When developing products are enabled to be constantly soaked in ...

The Combat Of Security Coins! Will XVG function as the winner…

Verge is really a Cryptocurrency, constructed with a fork of Bitcoin however with an emphasis on personal privacy which utilizes anonymity-centric systems like TOR and i2P to make sure the Ip address addresses of their customers are obfuscated and also the dealings are untraceable. So YES, it is a personal privacy-oriented coin for users to create blockchain purchases without having their monetary information being exposed to the public. Some government bodies see privacy coins as an against the law base which can be used by criminals to engage in against the law actions, including money laundering. Federal government respective authorities know about this Blockchain things and they also have already played in opposition to this personal privacy centered coins. In latest information, it had been discovered that Japan is forcing swaps to drop the level of privacy-centered coins. The greatest benefit #XVG have on other personal privacy coins is its ability to turn off the level of privac...