Implementing Omnichannel Solutions into Your Collections Agency
As the dust settles from recent compliance changes such as Regulation F, and most agencies have adapted to this new reality, operational questions and challenges remain for many ARM industry organizations. Some remaining questions might be, “How do I manage contacting via different communication channels?” and “How do I get started if my agency wants to take advantage of the opportunities and benefits of omnichannel?”
Capitalizing Omnichannel Opportunities
Yes, Reg F says an agency may text and email consumers in their efforts to collect a debt. However, the CFPB did not provide a crystal-clear roadmap for agencies on how to implement these omnichannel communications into their contact strategies.
More than a few agencies have yet to implement omnichannel communications into their workflows due to the longstanding apprehension surrounding alternative contact methods and not having sound directional guidance.
Agencies deal with many channel partners to ensure their businesses run effectively and efficiently. Adding additional partners to provide features such as SMS, chat and email can feel cumbersome and bring other concerns such as:
- Having difficulty onboarding omnichannel communications
- Added expenses to add omnichannel communications
- Problems integrating new channels with the existing collection software
It is easy to see and understand why many agencies have not yet jumped headfirst into implementing new features.
The search for trusted channel partners is a time-consuming endeavor. Having a partner that can offer all the various features you need is ideal and a significant benefit. Only having one relationship to manage across voice, direct drop voicemail, SMS, email and chat make operations run more smoothly — especially when the partner is well-versed in properly handling the unique challenges of the ARM industry. Having seamless integration across your communication channels that all drop into a unified control platform allows for an easy and rapid onboarding process.
There are numerous collection software platforms available and in use in the ARM industry. A trusted partner for your omnichannel solutions should have integrations, or the capabilities to quickly scale secure and seamless integration, with your organization’s chosen collection software platform.
While instant access to all solutions is excellent, there is nothing wrong with onboarding one piece of a platform at a time and gaining operational comfort with it, especially when implementing Regulation F practices. For example, consider adding limited content messaging and direct drop voicemail first if utilizing a dialing system for your outbound and inbound telephonic needs. Next, add email or SMS to your contact strategies.
Tackling each part of the omnichannel platform allows your agency to scale at a pace best suited for your organization’s individual needs. Any partner should be willing to assist you in easing into omnichannel outreach at whatever pace you are comfortable.
The Cost of Onboarding
When exploring a potential channel integration, watch for setup fees, minimum usage charges, long-term commitments and hidden fees. A solid and trustworthy omnichannel provider should be able to get you set up and running without fees.
Paying only for what you use and having the flexibility to walk away from a platform if it is not meeting expectations and generating a solid Return On Investment (ROI) is another significant consideration.
The TCN Difference
A good omnichannel solution provider should go above and beyond to provide you with the tools and resources you need to succeed, such as a dedicated support team to work with you during the onboarding process and as a continuous resource. Your channel partner should be fully vested in your success. Thankfully, TCN and its call center software meet all these requirements of an excellent channel partner and more. TCN provides 24/7 customer support to help answer any questions or troubleshoot any issue. TCN’s no contract promise ensures you won’t ever be locked down in a contract, and you will only pay for what you use within the software.
Specializing in multiple industries, TCN takes pride in providing organizations with solutions that simplify integration, ensure compliance and streamline communication channels to provide a better user and consumer experience. There are numerous ways to learn more about what TCN offers and how it can help your organization, check out online resources here or request a demo to talk to a specialist today.