Technology is changing the collections business

This blog is by Frank Hammerton, the Business Development Director of Teleperformance Collections.

Credit and collections are changing fast. Companies expect to be able to reach their creditors in many different ways today – communications have changed far beyond the role of the doorstep collector.

Collecting in person can still be important along with letters and telephone calls, but customer contact today can also include SMS messages, Voice Over IP (VoIP), social media and online portals.

Clearly these new communication methods need to be handled with care. There has been news in the past couple of year of collections companies posting embarrassing public messages using social media platforms – naming and shaming people who owe money, but this kind of unethical behaviour has largely ended.

Technology is now at the heart of compliance and helps to ensure that the customer is treated fairly. Voice analysis on calls can ensure that collectors are speaking the right way and can even offer prompts to ensure that the call remains compliant.

This kind of technology use – to ensure that all collection procedures remain fair and compliant – is probably one of the most important areas of expertise a collections partner can offer.

Most companies don’t have the internal skills to successfully collect on debt, but with new safeguards emerging all the time, collections is now just as much about sticking to the guidelines as it is about recovering the cash. Technology is now making both compliance and collection easier and more successful.

Credit Card

Photo by Tax Credits licensed under Creative Commons

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