So, why has collecting overdue payments become more complicated?
- Declining contact rates
- Lower yield per account
- Seemingly conflicting compliance regulations
- Huge risk if one false move
- Disparate systems and technology
Can modern day collections be made easy for companies?
There is no silver bullet to solve all these challenges at once, but there is a growing trend in the collections space that is helping simplify the process. Typically, companies relied on point solutions for carrying out collections, often choosing a best-of-breed solution. Now, we’re seeing the move to ‘best of suite’ solutions that are integrated into a common customer experience platform.
So, what are the benefits?
First, think about the leverage you have if your key customer engagement processes like outbound collections are being managed from a single platform. The same platform that manages inbound interactions, cross-channel communication, even your workforce management and optimization. You can deliver consistent service levels over all touchpoints, channels and interactions, and take advantage of business intelligence that is actionable.
There’s also a huge opportunity to improve campaign strategy and collections performance by utilizing a single platform for reporting and analytical purposes, which provide a complete view of the customer journey across channels and touch points. Unifying reporting across systems helps make sense of that journey and allows you to find opportunities to streamline operations and increase collections revenue. Based on real-time and historical data, you can manage and refine your contact strategies to better achieve business objectives, especially for collections.
Now, we all know that the regulatory environment has also complicated the lives of collections professionals everywhere. Unfortunately, this part is not going to get easy any time soon, but having integrated technology from the same provider can help with controls, as long as the solution has built-in compliance features.
If your considering modernizing your collections strategies and processes, be sure to look at a platform provider that is willing to engage in a head-to-head test, where you can measure performance of all these systems where applicable. Design, test, measure, and then pick the ‘best of suite’ provider that will make your life easier!
The best things in life are not always free, but that doesn’t mean they can’t be easy. If you’d like to learn more, check out our white paper, titled Compliance Tips for Outbound Debt Collections. You’ll learn valuable advice on collections compliance for outbound communications. You can get it here!