Clients ask agencies and law firms to collect on delinquent accounts while preserving their relationship with the 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 technologists 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
“Overall, this can be achieved with a solution that allows manual workaround and has flexible means of communications with the clients”, Laurent Tabouelle, Managing Director of CODIX Group, suggests. He specifies that “this includes mailing letters and manually following up on appointments in the solution, all while having the ability to switch to more technological approaches”. According to L. Tabouelle “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
According to Laurent Tabouelle this issue could be resolved through “providing a solution that allows dynamic rules per customer/country- even down to zip code.“ In his opinion “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”.
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