AccountsRecovery.net conducted a survey earlier this year regarding digital communication tools in the ARM industry that gave light to some interesting data on current consumer communication methods. While the survey was conducted before the CFPB released its proposed debt collection rule providing communications provisions, it only further highlights just how prominent leveraging new, modern technologies is to the future of the collections landscape. This is one of the most informative reports we’ve seen in a while.
Taking into account the recent CFPB and FCC rulings, it comes as no surprise that digital communication tools are a clear frontrunner in how the industry will continue to progress. Even with some clearer insight into the updated compliance “do’s and don’ts,” the question of just how many companies are actively utilizing digital communication tools to reach their consumers still remained.
The purpose of the survey given by AccountsRecovery.net was to bring some clarity to this underlying question and determine the current penetration of digital communication tools by companies in the ARM industry. The results from the survey not only brought to light some interesting findings but also have us excited about what’s on the horizon for the future of the industry.
Our Key Takeaways
According to results from the survey, direct drop voicemail solutions are the second-most popular digital communication tool among collection agencies (behind email). Of the 100 companies surveyed, 40.2% are utilizing direct drop voicemail capabilities.
Even more impressive than the number of companies using direct drop voicemail solutions in their business models, is the callback percentage of using this technology. Driving callbacks is one of the biggest issues that those in the ARM industry face, but for those using DirectDrop Voicemail, worrying about callback percentages is a thing of the past. With more time being spent on inbound leads, agents can free up their time to spend on more productive tasks that make your business profitable.
What Exactly is DirectDrop Voicemail?
At VoApps, our DirectDrop Voicemail technology allows collectors to bypass the barriers of automatic call blocking by dropping a voicemail into their mobile voice mailbox without ever calling the phone, letting the consumer return the call on their own time. Think of it as the marriage between self-service and agent-assisted channels that both consumers and agents have been looking for.
Interested in seeing DirectDrop Voicemail in action? Reach out to us here.