- June 22, 2016
- Posted by: Phillip W. Duff
- Category: Agencies, Buyers, Compliance, Law Firms, Marketing, Opinions, Technology
This spring I decided to start exercising more. I want to get in better shape and remain healthy as long as possible. After all living a longer life is no benefit, if I’m sick all the time. Unfortunately, all this wanting, wishing, and determination to exercise more was not producing any real results.
The trouble is meaningful activities already filled my days, and I was not able to achieve progress until I changed the way I saw exercise and made it a part of my daily routine.
New technology can be like adding exercise to your current busy schedule. You want the benefits, but it’s hard to embrace it. New technology means investing money in new programs and sometimes charting untested waters. You currently have a certain way of doing things in your business, and even if it isn’t really working for you, changing course takes effort and planning.
As a consultant, I find clients struggling to embrace new technology even though it will make their lives better and their businesses more profitable. Currently, the industry is undergoing a massive change towards electronic communication using text, emails, and the web. Consumers prefer to deal with debt repayment and even debt negotiation online, without the embarrassment of talking to a stranger about how far behind they are or their inability to pay the balance in full. Studies show the average consumer is more likely to pay a late bill online than from a cold call.
There is improved technology on the market that encompasses collection software, cloud vendors, and SaaS vendors. Automation is the NEW collection theme for leading edge collection agencies. Advancements allow agencies to accomplish more with less staff than traditional collection methods, which drive down costs and increase profitability. You can now drive inbound calls instead of focusing on outbound calls, using technology to respond to consumer needs.
New technology is the answer.
Payment sites are available which can now authenticate consumers, negotiate for settlements, accept payments and gather information, 24/7. IVR, emails, texting, agent calls and letters must become an integrated strategy going forward. All of these features must tightly integrate with your system of record. So there is no way to resist technology in today’s new collection environment.
Embracing new technological advancements will reduce company costs, improve collection stattistics, and move you to the front of the industry, increasing demand for your services among results oriented lenders.
Call me for ways your company can embrace these new technologies and improve your bottom line at 904-687-1687.