Technological Needs in Collections

Posted by Joey Nichols on May 25, 2020 8:15:00 AM

Advancements in technology have left a massive impact on the business world, and this is no different for the collection industry. Technology has made it easier for collectors to stay up-to-date by tracking the status of unresolved accounts, contact debtors, and, collect payments. No matter what your business goals are—to collect, gather insights, gather questions answered, or all of the above–odds are that technology has streamlined the process including remote agents, chatbots, and online bill pay.

Remote Agents  

When it comes to collecting, communication is critical. That’s why it’s important to ensure your collection agents are accessible when you need them most. A remote agent uses mobile technology to stay in contact with you no matter where you or the agent is located. For agents who are currently working from home due to the COVID-19 pandemic, this technological advancement has proved to be more useful than ever before. Plus, agents can utilize mobile technology for consumer outreach to gather insights and negotiate payment strategies.  

Chatbots  

A chatbot is a computer program designed to chat with customers in real-time and is most commonly placed on websites. Chatbots are programmed using large amounts of data, conversation logs, and natural language processing to perfectly understand and interpret instructions. A chatbot will ‘speak’ with you in real-time, answer your questions, and direct you to helpful solutions and resources. This way, clients can be helped if in-person agents are unavailable. By utilizing a chatbot that runs 24/7, customers are provided with an accessible source of information that is mutually valuable.   

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At Account Resolution Team, we know all about the usefulness of chatbots. Have you met Art, Account Resolution’s chatbot? He's available at any time to answer your questions, direct you to resources, and assist you in making payments via the phone.

Online Bill Pay  

With advancements in technology, making payments on unresolved accounts has become incredibly easy. By streamlining the payment method, and taking it online, debtors are allowed to make payments at any time and any place. This eliminates the hassle of mailing checks and reduces the stress related to missing payment deadlines as some payments can be scheduled to be withdrawn automatically. Overall, online bill payment services provide a smooth process for both the lender and the debtor.   

 

With easily-accessible agents, intelligent chatbots, and convenient online services, debt collection has never been more simple or intuitive. Have accounts that need to be resolved? You’re in luck. At Account Resolution Team, we utilize the most advanced technology in our collection strategies. Contact us today to start planning your collection strategy. 

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