How Technology is Transforming Debt Management & Collections

call center software

Oct 15, 2020

Posted In: Business Intelligence, Collections, Predictive & Manual Dialer Author: Marie Christenson

It seems like in today’s world, we are constantly getting updates about the latest and greatest technology coming out next. When people feel like they need to have the newest version of phones or laptops, many times the best way to make that happen is by getting a new credit card or starting a payment plan. This is one contributor as to why 80% of Americans have consumer debt.

It’s easy to see why the debt management and collection industry has quite the job to do. However, collecting debt and payments has not always been the smoothest process. Oftentimes agents have to deal with upset customers, sensitive legal regulations, or customer complaints. With technology updates, the work of debt management and collections has made these complicated processes much easier.

The Advantages of Mobile

The ease of pulling a small device out of your pocket and paying a bill during your morning commute is a complete game-changer for the collections industry.

With the development of numerous payment apps, the process of collecting debt is easier than ever before. If a consumer is ready to pay, they can simply use their mobile phones and complete the process on an app — providing a safe and secure way to make payments.

Agent SMS

With SMS text messaging being a large part of everyday communication, why not reach customers through this channel as well?

Call centers can improve their efficiency and performance with the ease of Agent SMS. The tool allows thousands of messages to send instantly and recipients can directly connect with an agent by using the callback number provided in each message. Communicating with customers through SMS messaging is not only convenient for the customer but also increases payments without using precious agent time.

Email

Utilizing email delivery technology in a contact center increases customer interactions. By contacting consumers via email, debt and collections are able to inform recipients of account balances, payments due, and provide quick and simple ways to settle debts.
An operational benefit of using email communication is the reporting that comes from emails sent. Reporting provides insights into email messages, open rates, and interactions. This can communicate the effectiveness of the email efforts and point agents in the right direction.

Predictive Dialer Solutions

The technology of a predictive dialer boosts agent productivity by getting rid of wasted time spent on manual calls or downtime in between calls. A predictive dialer does the leg work by calling phone numbers and assigning answered calls to available agents. This allows for more time to be spent on meaningful calls and improving customer experience. Making smart connections helps increase collections, which is why any technology that helps accomplish this is extremely valuable for a call center.

Data Analytics & Reporting

New and improved ways of gathering data have made more information available than ever before. Business intelligence provides customer insights with their information and history that can help agents understand how to best communicate with them. Automating reports and tracking performance can also reveal information that identifies areas for improvement.

The modern-day technology advancements are jaw-dropping. One might wonder how we got to where we are now, but nonetheless, we can thank these innovations for making day-to-day tasks and operations smoother and more efficient than ever before.

See the many ways TCN technology can benefit your call center operations by improving performance and efficiency. Request a demo today.

About the Author: Marie Christenson

Marie Christenson is the Content Writer and Strategist for TCN, a worldwide leading provider of cloud-based call center technology. As the voice behind the screen, Marie spends her days carefully curating content including company blogs, campaigns, and social media. Since earning a B.S. in Strategic Communications & Marketing from Southern Utah University in 2020, she has enjoyed sharing her ideas and creativity with TCN. In her free time, Marie loves traveling and exploring new places and cultures.