2. Updated Communications
As communication channels change and evolve, it is crucial to utilize the latest communication channels to automate collections. Automation of the debt collection process has become necessary. It helps reduce collection costs and provides consistent results. Through the automation of communication channels, it is possible to enable quick reminders, settlements, and payments. In addition to this, it also improves the customer experience. It is about time that collection agencies switched from outdated communication methods like fax machines and phone calls to automated texts, live chat, and live video support; chatbots can handle the conversation’s initially, but it is not the full solution.