Debt Collection Industry is Changing

Jeffery

May 12, 2021

Changing

It is no longer how it used to be. In fact, the global debt collection software market is predicted to be valued at $5.6 billion within the next few years. It is due to this reason that debt collection industry stakeholders need to be on the lookout for the latest insights and trends. 

As debt collection technologies, compliance demands, and industry practices constantly evolve, it is vital to look towards the future to stay ahead of the pack. This post takes a close look at the most significant emerging trends in the debt collection industry in 2021.

1. Digitized Collection Strategies

One of the emerging trends for debt collection that you need to learn more about is digitized collection strategies. Their popularity is only rising by the day. As more advanced debt collection software is introduced, companies can segregate default customers based on precise data points, such as by considering the percentage of the loan amount that remains unpaid and credit history. The latest debt collection software would utilize machine learning and artificial intelligence to automate communications and personalize the entire debt collection process.

2. Rising Debt

If there is one trend that we saw in 2020 due to the coronavirus pandemic, it increases debt. More and more customers are going under obligation as the economy sinks. The amount of unsecured debt has skyrocketed within a year. In fact, it has reached the highest recorded level, which is worrying for organizations. Hence, it is essential to use the latest omnichannel debt collection software and meet the compliance requirements simultaneously. 

3. Security

Customers are demanding data protection and security more than ever before. If you want customers to purchase from you and ensure a strong relationship, you must improve data security in 2021. The only way to do so is by providing workflow automation. It would better position your company to ensure compliance with the regulations. Maintaining accurate data, paperwork, and communication is only possible with the help of advanced collections technology. Besides, compliance would ensure that you do not have to suffer from financial consequences.

4. Customer Collaboration and Satisfaction

Another emerging trend for debt collection that you will see in 2021 is improved customer collaboration and satisfaction with the help of advanced debt collection software. It allows for omnichannel communications and leverages artificial intelligence to conduct predictive analysis. Thus, you will be better able to cater to the needs of your customers. Analytics will ensure that you can communicate with customers according to their preferences. A continued progression to omnichannel solutions from traditional call centers is inevitable. Hence, you need to invest in the latest technology to start this year right.  

Conclusion

As the debt collection industry grows and changes, you must understand the emerging trends and utilize them to take your organization to the next level. The trends highlight the changes the industry will face in 2021. Therefore, you need to be prepared. 

 

Does text messaging work for debt collections?2021-08-01T17:13:12-04:00

There’s no denying that text messaging is a powerful tool for debt collectors. It works as an added layer of security to make sure you’re getting your money, and it can even be used in conjunction with phone calls or email messages when the debtor doesn’t respond!

Suppose someone owes me money. I always like to have more than one point of contact at all times. Text messages are especially great because they don’t require any real commitment on behalf of my debtor; just reading the message requires their attention, so there’s less chance we will get ignored if our other methods aren’t working too well either–it really does work wonders!

How to create Press-1 campaign2021-05-31T22:42:53-04:00

At NOLA AUTOMATION, we know you are busy and time is valuable. We appreciate your time, so thank you for not making us wait on hold to speak with a representative… we digress 🙂

  • Type Multiple
  • Broadcast Type – Voice
  • Voice Type – Mp3 or Text to Speech
  • Select transfer Number, then continue
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Answer: The short answer is YES; if you intend on being effective, you will require some program to manage your freight brokerage organization. Many people who succeed at their freight brokerage recognize extremely early the worth of having an easy-to-use system for effectively handling their client’s freight, invoicing customers, and paying providers. In 2021 you should check out more a streamlined omnichannel solution that also offers phone, email, SMS, ringless, video, interactive IVR, and more to help automate your brokerage business; To learn more on how NOLA can help you with your freight brokerage firm reach out to us. 

What is a softphone? How does it work?2021-05-23T12:43:29-04:00

Sip softphone; What is a softphone? How does it work? SIP Phone uses the Open Standard “SIP” to set up and manage phone calls. IP-based network or “RTP . “

So, What is a softphone?

A Softphone is a software-based application that is typically readily available as an application on your smart device or COMPUTER. It is primarily utilized as the primary phone or an expansion of a desk phone.

Softphones have actually ended up being an extra prominent service to remote employees as it gets rid of the requirement to bring a physical phone with you when you function offsite. It is likewise a much more hassle-free and effective option to link onsite and offsite employees.

Exactly how Does a Softphone Work?

There are 2 primary types of softphones: Desktop softphones and also mobile softphones.

Desktop computer softphones enable individuals to accessibility UC includes right from their computer systems without a desk phone. Just download and install a devoted application from your computer system; attributes like conversations, aesthetic voicemail, file sharing, and extra will certainly be readily available to you.

What is Collection Technology?2021-05-16T23:02:39-04:00

NOLA AUTOMATION specializes in collection technology; we originally built NOLA for the debt collection and legal collection industry. Now we expend our software & services for all sectors & businesses all over the world. Business to People to Business