Ashley has received six consecutive payment reminders for her past-due credit card balance. Due to her sub-par credit score, her debt gets sold to a collections agency where she begins to receive phone calls and letters requesting payment. When Ashley is finally ready to make a payment, she returns the call to the collection's agency to be greeted and assisted by an AI-powered virtual agent to make a payment on her balance.
Life as we know it revolves around technology. Business functions, processes, communication, information, and productivity all rely on some form of technology whether it’s your computer, cloud storage and data center, telephone, or even the software you use on a daily basis. For the collections’ agency, this reliance on technology is no different. Earlier on the blog, we discussed technological needs in collections. But what we haven’t discussed is how technology has evolved the collections process. Since it first began, the art of collections has changed tremendously. Now, the collections industry relies on the use of technology to communicate, store, and analyze information like analytics, automation, and Compliance Management Systems (CMS).