by Morgan Nagle
Ten years is a long time by any measure. Back in 2004, people were talking about:
- Women’s wrestling debuted as an Olympic sport at the 2004 Olympic Games in Athens, Greece. Irini Merleni of Ukraine won the sport’s first gold medal.
- Martha Stewart was in the big house.
- George W. Bush was re-elected as President of the United States, defeating John Kerry.
Like myriad other businesses, the debt collection industry is using software that’s a decade old, and even older. These firms are literally wrestling with outdated technology, trying to make it work in a debt collection environment that has also changed over the last 10 years. In the race to collect more, with fewer resources, and remain compliant, old technology just won’t cut it.
New debt collection software: That’s so 2014
Modern software offers a bunch of advantages for organizations that upgrade. We’ve found that our clients who upgrade often see:
More revenues:
- 10 percent reduction in write-off roll rates
- 18 percent increase in average remittance
- $20,000 increase in revenue per agent
More efficiency:
- 40 percent increase in right party contacts
- 30 percent uplift in self service
- 15–20 percent agent productivity improvement
- 40 percent increase in daily processing volume
- 30 percent decrease in average account process time
- 40 percent reduction in average customer contact time
- 5 percent increase in immediate payments
Less compliance risk:
Speech analytics puts an audit trail in place to ensure that agents use language that not only complies with a multitude of regulations, but also achieves better business outcomes.
For example: After implementing an advanced speech analytics solution, a leading collection agency identified more than $200,000 in potential violations. The solution also identified the agency's top collectors, which helped it implement a best-practice training program.
It’s easy to get started
Today’s debt collection software is easy to deploy, with cost-effective options ranging from subscription-based cloud solutions to traditional on-premise licensing.
Wrestling is an exciting sport, but wrestling with outdated collection software is inefficient, frustrating and detrimental to your business. So why not upgrade your system and step out of the ring?
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