Debt collection is a complex job. When you are supposed to get your debt back, it seems like it is just impossible to do that without hurting and affecting your business associations. However, it is not always necessary that you lose your valued business relations over a few unpaid invoices. This is where a debt collection agency comes in. While ensuring a better relationship with your associates, they also get your money back from your debtors.
Now, when you are going to find a collection agency, there are a lot of things that you need to check. But how much attention do you pay on the state-of-the-art technology that they claim to use as their resources? In the following points, you will find five important advanced technologies that can be game-changers in debt collection market. Take a look.
Social Media
Now, as obvious as it is, social media is a pivotal part of our lives these days. Yes, you can follow and research on the social media platforms on the collection agency you want to hire. But what more can it do for the debt you want to recover? Well, social media can be a very useful tool to locate your reluctant debtor when they are deliberately delaying the payment. Though previously considered to be a privacy breach, now social media is getting recognized as location tool for tracking the debtor if he or she skips town without notifying you.
Process Automation
Process automation has been a part of debt recovery for a long time. Now, this is the era of decision automation. This is how debt collection agencies can make machines think, act and synchronize the work for more streamlined operation. From skip tracing, payment follow up and getting phone numbers lined up to make calls, now it is time to shift to do more complex tasks like sending emails, SMS as reply of the debtor’s previous proposal or chat to get a settlement. In this respect, it is the responsibility of the agency to be completely discreet about the information and chat.
Mobile Technology
Mobile technology is making a big difference in debt collection scenario. From providing real-time support to complete tracking of debt collection process along with access to Bigdata, mobile technology has proved itself to be a path-breaking integration in debt collection process. When you are planning to get your money back, hire the agency that has already applied this technology in streamlining their operation. From accessing resources and data to run the tracking while also keeping you in the loop, the mobile device needs to work on multiple levels to ensure you get the best results.
Predictive Analytics
Predictive analytics is a very advanced technology that is actually a breakthrough in the industry of debt collection. It combines various methods of data mining, machine learning, AI and statistics to get the accurate predictions of the market of the economy that can improve the debt recovery system quite notably. In fact, companies who have already implied this technology have already experienced around 50% improvement in their debt recovery and management.
Blockchain Technology
When debt collection becomes quite a tricky job with the reluctant debtors, blockchain technology can actually help you with the decentralized pattern as well as the added transparency. The closed network of peers and traceable transaction make it much easier to trace the cryptocurrency. In case you are having trouble with collecting your debts, the agency can easily trace the data with the help of your private key which will minimize the delay of the recovery quite effectively.
So, now as you know about these technologies that are playing a major role to make debt collection smoother, opt for the agency that invests in these technologies.
