Digital solutions like email, SMS, MMS, and Push Notifications are the common-sense next step for collections operations industry-wide. These digital solutions can lead to massive improvements in collections performance and can save businesses hundreds of thousands of dollars in operating costs alone. They aren’t, however, a total replacement for phone strategies.
As the new year approaches, the story of collections is this: delinquencies are rising. The question is, can collections professionals adjust their operations to be able to accommodate for this rise in delinquencies?
Brand alignment can affect more than just your collections performance. Any interaction a customer has with your brand can have a lasting impact on how they view your organization so a strong customer experience when they fall into collections can make or break their long-term loyalty.
Quanta is a growing team, with multiple major functions that combine to deliver the highest quality digital solutions in the collections industry. When combined, Quanta knows how to get the right message to the right customer at the right time.
Recoveries (collecting on charged-off loans) is an important but consistently overlooked stage of the consumer credit lifecycle. Macro-economic events and the business cycle influence how lenders view Recoveries.
Every year around this time the inevitable occurs in the collection and recovery space; tax season comes to an end. The decrease in collections following tax season is often compounded by the reduction of resources that occurs as tax season comes to a close.
Modernization of the debt collections process can greatly improve collections performance. The question is: where do you start?
How businesses can overcome these barriers to make immediate improvements to their strategies and empower customers to more clearly understand and take action.
Applying these lessons quickly could reduce eventual losses as well as help retain valuable customers for the long term.
These rules will have short- and long-term implications on Collections strategy, operational footprint, compliance, and technology.
Copyright © Quanta Credit Services, Inc. | All Rights Reserved | Privacy Policy | California Consumer Privacy Act Notice | Terms of Use
