The future of collections: 3 powerful views to think about!

by Jeff Mortenson, SWBC LenderHUB

Financial institutions always work to enhance their collections strategies, an essential tool for maintaining healthy cash flow and minimizing risk. Many institutions must make a critical decision about employing digital methods or live agents for their collections processes. Both approaches offer distinct advantages, and various factors need to be considered. This article will outline three crucial factors to consider when making this important choice.

1. Engaging with live agent collection

Live agents provide an invaluable service by delivering personalized assistance tailored to each client’s needs. Even in the face of scalability challenges, increasing staff through effective hiring and training enables better support for handling growing call volumes. Having live agents allows callers to:

  • Have more meaningful conversations.
  • Negotiate payment plans.
  • Address complex inquiries.

 

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