Optimize Your Current Tech Stack for These Three Collection Industry Trends
Digitization is becoming ever critical in today’s accounts receivables management landscape. Many agencies have already “gone digital” and removed paper-based or document-based systems. However, optimizing existing tech investments is a new challenge, with a two-fold goal of streamlining operations while providing improved consumer experiences.
The modern consumer is used to managing their life online and often via their mobile devices. To succeed in an increasingly competitive ARM setting, firms must embrace these three emerging trends: Online Payments, Process Automation, and Consumer Self-Service.
1. Online Payments
Research shows consumers with access to digital payment options are more likely to complete their payment in full. Providing digital payment methods to consumers can help collect debts more promptly. Industry leaders are even going beyond online payment portals to offer options via app platforms like PayPal, Apple Pay, Google Pay, and more.
2. Consumer Self-Service
As you’re reaching out to consumers, it’s also important that your team is identifying how they prefer to be contacted. Whether it’s through SMS, email, or phone call, understanding the consumer’s communication preferences is essential in streamlining your agency’s productivity. Building-in self-service payment options on your site and/or mobile apps like “Pay Now,” “Check My Account,” or “File a Dispute” can help you resolve payment issues more rapidly.
3. IT Automation
Is your existing tech stack capable of supporting machine learning and artificial intelligence-based algorithms? By layering an additional level of processing power on top of your data, you can run powerful analyses that will help inform revenue-generating activity. For example, you can focus your agents on accounts that have a higher probability of success.
Finding the Right Strategy for Your Business
Do you have the foundational tech stack to make these trends a reality for your business? You likely have many pieces to the puzzle bit might not be sure how to put it all together.
Our team at Belvista has decades of experience working with our clients to understand your existing systems, identifying process gaps, and finding solutions that maximize your operational efficiency. We have a full bench of specialists in Microsoft technologies, including Microsoft Azure, C#, VB, .NET, MVC, Entity Framework, Microsoft SQL Admin, Microsoft SQL Server Integration, Microsoft SQL Server Reporting, Microsoft Office 365, and Microsoft Power BI.
If you’re going through a modernization effort, we have the right experts to help you get it done. Email us to schedule a personalized discovery call today.