In debt collections the self-service functionality starts to be embraced by more and more companies in all industries. The trend is clear and the results appear fast. It seems that telecom and insurance companies have been the first to provide self-service to their customers. Banks have been very fast in following the market trend as well.
What does it mean?
DIY-trends in technology have largely opened the door to consumers willing to control everything. Web-based solutions have enabled personalization and a hands-on approach. The self-service allows customers to access information and perform different tasks over the Internet, without any human interaction.
When is the time to work with a debt collection agency?
It is not a “one size fits all” approach. Most of the companies make the first collection actions in-house. The definition of the “first collection steps” can be different from one company to another.
What are successful companies doing before debt collection system implementation in order to obtain great results?
Frequent approaches are somewhere between two extremes: