Collections Operations everywhere now need to substantially increase their level of collections automation. Why? Because the cost of collections is at an all-time high for both 1st- and 3rd-party collections entities. If you are a collection agency, the situation may be even more dire given higher collection costs are making profit margins razor-thin. The situation is not expected to get any better in the near term given employee wages are on the rise, and new regulatory requirements are coming forward that are sure to impact collections costs. Also, there is an increase in collections volume expected later this year after COVID-19 virus-related financial relief programs are discontinued.
When it comes to upping your level of collections automation, you need to consider two important things:
1) Key Areas of Automation
2) Collection Software System Automation Capabilities
Read on to find out more.