Most of ARM Industry Survey Respondents Using or Exploring Text Messaging: Poll
The results are in from LiquidEdge’s June ARM Industry Poll. The results reveal what percentage of the debt collection industry is using text messaging as part of their overall collection strategy.
Exactly 80 percent of respondents to LiquidEdge’s June ARM Industry Poll say that text messaging is or will be part of their overall collection strategy. Only 20 percent say they are not and have not yet received permission from debtors.
Has your company integrated text messaging into your overall collection strategy?
| Yes – With Opt-in Permission | 40% |
| No – We Have Not Yet Received Persmission from Debtors | 20% |
| Soon – We’ve Seen Some Positive Results on Tests We’ve Run | 40% |
What does the poll tell us?
This poll indicates that 80 percent of the industry is currently using text messaging as part of their overall collection strategy. This means that the industry is open to leveraging mobile and text messaging solutions to be more efficient and productive. New technologies will continue to play and important role in collections and will enable collectors to use multiple channels to collect debt.
LiquidEdge has developed CollectMobile an auto dialer for text messaging. This exciting new product enables lenders, collection agencies, and debt buyers communicate in the preferred method of your clients. Response and contact rates greatly exceed dial, email, and lettering.
Your opinion is important; participate in our monthly LiquidEdge ARM Industry Poll.
Good insights – thank you for sharing! I think Mobile is THE future for all of us when it comes to online interactions, social media, customer service and (most important to this audience!) paying our bills.
All the data, stats and trends show more and more of us moving to mobile devices to shop, browse the internet, etc., and I think the agency that figures out a way to connect with consumers through a mobile app, text messaging or other methods is going to be a big winner in the years to come.
I realize all the red tape that exists with all the laws and hurdles in place, but regardless mobile is already here. And not figuring out a way to connect with consumers (and by doing so offering a way to make payments via mobile) is going to end up hurting your agency financially in the long run. And by “long run” I mean the next 18-24 months!
I’d be interested in knowing the number of respondents. I really don’t think you can say that 80% of the industry is currently using text messaging as a collection strategy. I think we all know better. If the number of respondents is substantial as a per cent of the industry, Ok, but I really doubt they are big numbers. And who is most likely to respond to a question like this but those who are doing it. Using text with permission to leave reminders or ask for a call certainly would be valid uses, but they are still one way communications. is a new one way communication groundbreaking effective?
I would argue that most of the industry has their ear to the ground with strong interest, watching the litigation situation and seeing how it plays out.