Clients ask agencies and law firms to collect on delinquent accounts while preserving their relationship with that consumer. Regulators expect collection professionals to conduct business while following rules that are not adequately defined. Satisfying these requirements is daunting. However, technology experts have recommendations that may help professional persevere. Collection Advisor gathered problems collection professionals have on a daily basis and presented them to the following technologist for possible solutions.
Collection Problem: Clients that do not allow us to use some of our technological tools despite them being compliant and providing greater efficiencies.
Lex Patterson President of DAKCS Software Systems
Have a client success plan and review it periodically. Check in on your client’s performance and results, and also educate your clients on trends and what’s new. Include potential impact and risks as part of the dialog which builds trust and allows you to coach your clients toward better results. I’ve spoken with other industry leaders who hold periodic workshops with their clients for just this purpose.
Laurent Tabouelle Executive VP of Codix
Overall this can be achieved with a solution that allows manual workaround and has flexible means of communications with the clients. This includes mailing letters and manually following up on appointments in the solution, all while having the ability to switch to more technological approaches. Technological advances such as web portals, decision engines, and automated follow-ups can be switched on when appropriate. In addition, it may be possible to apply fees promoting technology-based processes rather than manual and paper-based actions.
Collection Problem: Limited regulator rules regarding electronic communications for collections.
Lex Patterson President of DAKCS Software Systems
Your software should keep the agent and company compliant in the number and type of contacts, calling times, and messaging (i.e. templates or dialog) through rules-based processes.
Laurent Tabouelle Executive VP of Codix
This can be achieved by providing a solution that allows dynamic rules per customer/country- even down to zip code. These rules can be configured and modified in an ad hoc manner in the software solution where certain segments of clients in the platform have more manual processes as opposed to electronic communications.