iA Strategy & Tech. Monthly Newsletter

Featured from our Think Differently Series

Work From Home Agents Are Now Table Stakes; How You Handle This Will Help Define Your Future

During our work with companies entering the M&A space today, none have expressed the opinion the 'work at home' concept will go away after the pandemic is either solved or diminished either by herd immunity or a vaccine. This has been the case even though challenges have included data security, information flow, human resource management and capital allocation... Companies that were able to pivot and quickly get up to speed on WFH have won a key battle. They are growing and getting more client opportunities, which are leading to greater profitability. Since mature accounts receivable management (ARM) businesses, unlike debt burdened-revenue challenged IPOs, are valued based on how much profit they generate each month and each year, this is leading to higher valuations."...read on.

Neither Snow Nor Rain Nor Heat Nor Gloom of Night: Debt Collection and the USPS

If you are an agency that sends physical initial validation notices to consumers, time was (say eight months ago), you could assume that it would take up to 3 or 4 business days to reach the consumer. If you sent the letter on a Tuesday, you could expect the consumer to receive the letter by that Friday. Once the consumer has received the notice from your agency, they have 30 days to respond if they think the debt is incorrect -- wrong amount, wrong consumer, wrong account, etc. So, the algorithm might be Friday + 30 days with no response from the consumer equals the date collection efforts can start in earnest without the risk of overshadowing. But let's say the consumer didn't receive your mailed notice on Friday. Or Saturday. Or even Monday...read on.


iA Innovation Council

Collection Strategy & Tech "Think Differently" articles and interviews are produced by iA staff and members of the iA Innovation Council, a collaborative membership group for strategy and tech leaders. Together, we envision the future of collections and then map how to get there. 

www.iAinnovationcouncil.com


iA Strategy and Tech

iAST, a digital conference. It's now available on-demand.

The economy will recover. How well your organization does will depend on the strength of your strategy. insideARM developed a true masterclass covering the full range of collections strategies, plus fourteen demos of 8 minutes or less of the latest tech to support your evolving game plan. It's called iA Strategy & Tech, or iAST. Over 500 collections strategy professionals attended iA Strategy & Tech this year for killer insight into the biggest strategy challenges and to find out about the newest, most useful industry tech. 

If you didn't register for the live event in July, you can get it on-demand right here

If you did register for the live event in July, you can return as often as you'd like (through 12/31/20) to the digital conference space right here.


What about the new tech?

Here's the line-up of who did demos -- all in 8 minutes or less (no company pitches, just product demo!). Access to all 9 strategy sessions, the 14 demos and the full exhibit hall is just $250 (or $450 for your whole team). Get in on it right here.

  • DebtNext's dPlat - New features on an existing platform - DebtNext Software’s complete recovery management platform, dPlat, is designed to manage securely and effectively every aspect of the recovery of your accounts receivables.

  • Remitter - New AI / digital communications tool - Streamline your recovery process with Remitter's cutting-edge, AI-enhanced digital platform.

  • Prodigal Systems - New collection intelligence platform - An intelligence platform designed to maximize revenue & minimize risk for the collections & ARM industry. Prodigal's domain-specific Natural Language model analyzes all agent-customer interactions like calls, texts, emails to predict intent-to-pay, reachability, and collectibility (among other KPIs).

  • Interactions - New virtual collection agent - Interaction's Virtual Collection Agent is a transformative debt collection and payment solution powered by Conversational AI.

  • Noble Systems Gamification - Enhanced gamification system for 2020 - Noble Gamification's upgraded tools help users turn numbers around with engaging contests, recognition and rewards. In short, it's an engagement solution that maximizes your ROI.

  • ControList - New compliance tech - TheControList is a SAAS-based compliance software that significantly reduces the amount of time and money spent on audits and compliance. Automate training, policies & procedures, client tasks, controls & auditable items, subcontractors, rosters, client updates, and change management.

  • Quointec - New legal / compliance tech - An automated compliance technology tool to assist ARM organizations in screening and auditing written communications to consumers. In partnership with Actuate Law, Quointec has programmed in federal, state and municipal rules as well as published and binding case law to facilitate the efficient and consistent review and audit of written communications.

  • Oliver - New legal / compliance tech - Start, expand, or accelerate your collections litigation strategy with Oliver Collections Litigation Exchange (CLX), a cloud-based platform that increases compliant collections. Oliver CLX transforms legal servicing by consolidating data collection, orchestrating team collaboration and accelerating litigation strategies on a platform with unprecedented automation, compliance and oversight.

  • LiveVox - New speech analytics tool - An AI-driven speech analytics and quality assurance platform that is an easy-to-use, cost-effective solution to drive agent productivity, operations efficiency and improved customer engagement.

  • TECH LOCK - New comprehensive managed data security platform - The TECH LOCK Managed Security Platform provides a central portal to bring together the many various security and compliance data points we manage and monitor for our clients. In our demo, watch how a single attack can impact many different areas of a single system and how having comprehensive coverage is critical to protecting your organization.

  • YouNegotiate - New digital self-serve debt negotiation tool - A digital negotiation and payments tool that lets creditors and consumers can manage all collection accounts in one place without the need for collection calls, frustration, time & cost.

  • MRS BPO's Adam - New interactive IVR - Adam is MRS's Interactive Voice Agent, a proprietary conversational IVR, created with IBM Watson technology. Adam is able to converse with customers, answer questions, take payments / set up payment arrangements and help with other functions like disputes, fraud, bankruptcy and deceased notifications. It is in use for over a dozen clients at MRS and is a 24/7 solution that allows customers to pay bills without having to speak with a live agent.

  • Genesys - All-in-one cloud contact center - Latitude by Genesys is a complete accounts receivable management solution for collections, recovery or outsourcing. Latitude by Genesys provides the complete answer to your accounts receivables challenges: from day one delinquency through charge-off and debt sale. With Latitude, all the necessary information —current and historic— is available to agents in a single desktop on a single platform. This leads to a better customer experience, improved recovery rates and increased agent effectiveness.

  • iA Case Law Tracker - New smart legal research database service - A revolutionary, industry-specific legal research tool and alert service. With concise, easy-to-digest summaries of industry-related court decisions and a unique search function that lets you find exactly the information you need in just a few clicks, CLT allows you to quickly investigate claims filed against you, provides you unprecedented negotiation power, and helps you make legal and compliance strategy decisions faster.


Thank you

Thanks for reading iA Collection Strategy & Tech, a free newsletter from insideARM. If you are a strategy, analytics, or tech leader tasked with reducing the cost to collect through improved efficiency and effectiveness, this publication is for you. Please feel free to forward this free newsletter to others who may be interested. If this has been forwarded to you, please click here to subscribe. We do not sell our lists.

Thanks for reading,

Stephanie Eidelman

Stephanie Eidelman
CEO
The iA Institute
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