The world of collections has changed a lot, as the rest of the world has, in the past couple of years, and there’s no doubt that these changes will impact the way debt collectors work in 2022.
So, here are a few things you can look to impact your business in the coming year and beyond. We’ve highlighted a couple of trends to look out for.
A Shift to Digital First
It probably comes as no surprise that people are starting to make a shift to an entirely digital way of doing business. We’ve seen it just about everywhere and in every industry. A report from last year from J.D. Power says that 41% of retail bank customers are now digital only and their satisfaction with this banking experience has increased. The use of non-cash payments is rising at a rate of 32%, and there’s a general sense of “buy now, pay later” that could have an obvious impact on how consumers treat repaying debts they owe.
Reg. F in Effect
Updates on the Fair Debt Collection Practices Act of 1977 went into effect last November, and this amends a more than 40-year-old ruling to allow creditors to now use email, text messaging, social media, ringless voicemail and other forms of modern communication to contact people who owe money on their debts. This will impact a debt collection business’ strategy around how they contact consumers in an empathetic yet effective way.
Fewer People Working for Call Centers
This is not necessarily a trend that is only impacting the debt collection industry, but it’s a trend nationwide that this industry will no doubt feel the effects of. There are currently more job openings than people actively seeking jobs, which means businesses will have to create a better, more effective method of contacting consumers to resolve debt. DirectDrop Voicemail allows an agency to get the word out to the entire day’s queue so the reduced number of agents can spend their time on the highest value activity: answering calls and negotiating for payments.
Customer Self-Service Will be Mandatory
Collections departments are coming to terms with the fact that if you can allow customers to respond to an issue in their own time, sometimes without talking to anyone, then you’re more likely to find a resolution such as making a payment.
One of the best ways to contact your consumers in a safe, compliant and clear way is through the use of DirectDrop Voicemail. We can help you create a personalized message that you can get out to your entire customer base quickly and easily, allowing them to respond on their own time and encouraging a better customer experience.
We make it our mission to stay on top of these trends as the industry changes, and we make sure we are with you every step of the way to train you thoroughly, give you strategy along the way, and ensure your campaigns are running smoothly. Reach out to us if you would like to learn more.