A year ago, agencies were looking to automate more of their processes as a way of keeping costs down. What do agencies want to do this year?
BillingTree is seeking the answer to that question and more as it launches its 5th annual Operations and Technology Survey for the ARM industry. The payment processing company is looking for participants in this year’s survey, which can be accessed by clicking here.
The survey provides a snapshot of the collections industry on many different levels, including the types of debt that are being collected, the size of collection agencies, the technology being used to collect on debts, and assessments of the risks and opportunities for the industry in 2017 and beyond.
This year, for example, BillingTree is curious about how collection agencies are assessing the impact of last November’s presidential election.
During the course of the previous four surveys, it has been interesting to see the different trends that have evolved. For example, the use of virtual debt negotiation tools has increased sevenfold during the past two years. The deployment of integrated voice response (IVR) technology has also doubled in the past year.
Last year, the greatest compliance risk or likelihood of causing consumer complaints was accidentally calling someone on their cell phone, according to the more than 200 participants who completed the survey. What kept collection agency executives up at night was compliance policy implementation and maintenance, increased operating expenses, upgrades to technology platforms, staff training, CFPB audits, fraud, and FDCPA lawsuits.
Individuals that complete the survey will receive a complimentary copy of the results, which will be released in the Spring.