The importance of addressing the priority digital collections needs within your business

“New and improved” technology is touted as the solution to the collection industry’s growing complexity. But just as endless “improvements” overhyped in grocery products lead to consumer distrust, technology-solution claims deserve a similar sceptical reaction.

Consumers and collectors alike would benefit from taking a step back and surveying the broader product field. Do you want a stale product with minor upgrades? Or are you ready for transformational items? Can you discern the difference?

Higher levels of efficiency, effectiveness, and automation are not new goals in collections, but they are taking on new urgency as virtually every aspect of the business becomes more challenging. New competition, changing customer behaviours, more regulations, and increased costs are just a few.

Collectors’ objectives have become increasingly difficult to achieve after years of modifying solutions built on older technologies. They should not be thinking in terms of getting “new technology,” but instead focus on obtaining “smarter collection software” capabilities — specifically, new collection-management software built on modern technologies that serve as the foundation for more intelligent designs, smarter capabilities, better control, and greater flexibility. 

It’s important to note that “smarter” collections software capabilities leverage today’s modern technology. However, there are a few additional keys aspects that allow “smarter” collection solutions to stand apart from traditional solutions enabling creditors to more efficiently and effectively boost collections performance.

It is important your company drills down to Key “Smarter” Software Capabilities

View the whitepaper here to drill into the important software priorities which are important to your company.

How new technologies are used in a smarter collection solution to provide greater efficiencies and increase effectiveness is how a solution should be judged.

Creditors are becoming smarter about ways to improve their collections. They need more than just new technology; they need smarter collection-software capabilities. This is key to reaching higher levels of collections performance, efficiency, and effectiveness. Otherwise, be prepared for continuing declines in collections results and rising collection expenses.      

Mitch Armstrong, Director of Sales and Marketing, EMEA at Telrock

This sponsored feature has been brought to you by Telrock, a global technology provider of SaaS based collections platforms and consumer credit lifecycle digital engagement solutions. Key solutions serving the collections market include: Optimus, an enterprise class integrated collections & recoveries platform, and SmartCollect, a digital channel engagement service with self-serve portal features for collections and customer care. Telrock serves major lenders, processors, and BPO’s across Europe.


TELROCK COMPANY PROFILE

Telrock are a global technology provider of SaaS based digital engagement solutions across the consumer credit lifecycle.

Key products include: ‘SmartService’ for Marketing, Servicing and Fraud, ‘SmartCollect’ for digital collections with self-serve portal and ‘Optimus’, an enterprise class integrated collections & recoveries platform.

Telrock serves major lenders, processors, and BPO’s across Europe, Asia & North America, with offices in London, UK and Atlanta, GA.

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