A collection agency with more than 1,000 seats has a hefty list of requirements for its collection software. This list of requirements can include seamless data storage and retrieval, easy integration with other software the agency is using and of course the litany of regulatory requirements. It can be difficult to prioritize the requirements as the neglect of any of them could lead to a crippling work stoppage. The importance of talking with software vendors cannot be overstated. Whether a collection professional is talking with their software partner of 10 years or a prospective vendor on the eve of the big collection software purchase or understanding what features are available and receiving an objective evaluation of what an agency’s software needs are, communication with the vendor can help any agency make a wise purchase.
“A feature of specific benefit to high-end collection operations is the ability to stream realtime collection transactions and events to execute predictive analytics in-stream and provide immediate operational insights,” said Ed Wallen, vice president of FICO. “The obvious use cases for large call center operations are around optimizing and predicting collector activities, payment events, dialer interactions, and placements to external servicers. However, an ever-increasing benefit of streaming analytics can be applied to a wide array of compliance use cases, for instance having the ability to not only detect anomalous behavior and forecast call velocity on specific individuals and phone numbers but to also be able to react in real time, thus short-circuiting potential compliance violations. The organizations that take a comprehensive approach to solve for today’s regulatory environment while focusing collection efforts by leveraging predictive analytics will be the most successful.”
As no two collection agencies are the same size, a software solution must have the ability to mold itself to the agency, improving any surplus or shortfall of staff.
“System flexibility allows for high-end users to transform their system to fit their business and software architecture needs,” Lex Patterson, president of DAKCS Software Systems. “Flexibility combined with an adaptable API, allows for agencies with various amounts of IT staff to maintain control over their data and software environments. Customizable workflow processes offer a solution for businesses meeting clients’ unique configurations and requirements.”
Ron Fauquher, CEO and co-founder of Ontario Systems said it has never been more important to collection professionals to remain compliant with the TCPA and the regulations of CFPB. Fauquher said this compliance could be easier to maintain if an agency’s collection software infused the abilities of a contact management solution in order to stay on top of state calling restrictions. This functionality could also expand by providing middle and upper management with performance score cards for the various caller activities.
A great deal of work is being done at a rapid pace on the collection floor of a large collection agency. If changes must be made, they must be made quickly to maintain optimal efficiency. Fauquher stated software for a large collection agency should have the ability to adjust workflow in real-time as to not head down the wrong path longer than is necessary.
The stakes are high for large debt collection agencies. Such high stakes must be met with large efforts to work with software vendors to make sure the product used meets all the agency’s needs.