Consistent revenue and profitability are crucial for companies to survive in today’s economy, with businesses relying on collections to ensure their inbound cash inflows remain uninterrupted. Think about it, before the pandemic, the household debt in the U.S. had reached a staggering $14.3 Trillion (according to the Federal Reserve).

The situation is incredibly pressuring collection departments, already confronted with the following imperatives: 

  1. Collections are an integral part of the customer journey. Departments need to better manage communication preferences. They also need to harness the text SMS channel to connect with customers often, if not exclusively, via mobile phones.
  2. New personalization levels are necessary, hinging on analytics, to uncover the best sequence and timing to remind and reach out to customers based on their unique behaviors. 
  3. Reachability is getting harder, as customers concerned with scams and frustrated with robocalls stop taking unidentified, unknown calls.

In times of hardship for large portions of the population, collections need to address a fourth challenge: how-to assist customers with either refinancing or new payment options. Doing so mandates a new mix of automation and personal engagement, both empathetic and resourceful. For many organizations, this is the straw that breaks the camel’s back and forces them to rethink their customer engagement workflows.

Lately, we’ve been assisting several collections departments and organizations in the modernization of their engagement and communications solutions. Our consultants are available to share their insight and real-world experience to improve and ramp-up your collections’ efforts.