As we near 2023, we start to look ahead to what issues clients we serve in the Accounts Receivable Management (ARM) Industry are going to be facing.
Here are three areas we know will be a major focus of the ARM Industry in 2023.
Consent is still key
In 2023, a huge focus in the ARM Industry is going to be on businesses obtaining, tracking and continuing to ensure they have a consumer’s consent before contacting them.
This could mean passing this language to the original creditor to make sure they are obtaining consent at the beginning of a relationship with a consumer. This makes it abundantly clear that they can contact consumers on mobile phones or by a number of other means. Consent could also be passed to call center agents and anyone acting on behalf of the creditors.
This was something that was a huge focus in 2022, and it will continue into the new year, too, as other agencies create better practices to collect and track this consent.
The use of technology in the ARM Industry
The use of technology is always something that is going to be front and center and at the top of the list of every agency owner’s priorities for the new year. Technology can help give businesses some relief by automating some of their processes.
At VoApps, we are happy to be in the thick of that with DirectDrop Voicemail. This technology has been included in Reg F, saying that businesses can use voicemail in the practice of debt collection.
Implementing Artificial Intelligence
Artificial Intelligence (AI) is definitely a buzzword being used in the ARM Industry currently, and in the next year, businesses will be looking for new ways to implement AI processes to their advantage and help automate communication and the collections process.
If you break AI down to the simplest definition, it is the act of a computer replacing a task that would normally be done by a human. So, we like to say that DirectDrop Voicemail is AI in this way. We argue that the delivery of all these voicemails is exactly that: it replaces the task of manually dialing any number of calls to your audience.
Using advancements in technology to help your business better communicate to your audience on a greater scale is something that will dominate the ARM Industry in 2023 and beyond.
DirectDrop Voicemail is a great example of how technology can help give you an advantage. Here is an example of one of the new changes we’ve made to our software to help make it easier than ever for you to collect from your consumers.