The Future of Collections is Multi-channel Contact: Web Panel
Collectors are going to need accurate alternative contact information to do their jobs effectively in the future, according to experts.
As consumers’ communications preferences continue to evolve, collection firms and financial institutions need to move to multi-channel communications in order to improve customer contacts, according to industry experts who discussed the matter Tuesday in a Webinar hosted by SoundBite Communications.
The pursuit of multiple communications methods has grown as direct mail becomes more costly and increasingly ineffective, said Ken Patterson, director of credit advisory services for Mercator Advisory Group.
The declining environment makes managing delinquency communications essential, Patterson added. To manage those communications, creditors, collectors and financial services firms need to realize that people in different stages of their lives prefer different communications methods. While young adults prefer texting and e-mail and may not own a landline telephone, older consumers prefer traditional telephone or other forms of communication.