It Started with Caller ID

Last week, I decided to stop into a local thrift store and take a look around. I had some time to kill before the start of a big meeting and figured it would be more enjoyable than spending that time waiting in my car. I always make it a point to visit the electronics section first, you never know what hidden treasure might be awaiting you. While looking through all of the dusty monitors, computer towers, and the occasional speaker system, I came across a little beige box that had a Southwestern Bell logo emblazoned on the front of it. When I picked it up, my mind instantly flashed back to my childhood. My father has always loved technology and I remember him being as connected then as he is today.

We were one of the first families I knew of who had a Caller ID installed on our phone line. I can still remember my father, who worked as a debt collector, telling my mother that this little device was going to make collecting from consumers significantly harder. There is no doubt that his prediction was correct. Caller ID suddenly allowed consumers to know who was calling before they answered, giving them the ability to filter out unwanted telephone calls, including those from collection agencies.

Collection agencies responded by blocking their Caller ID information or by using a variety of toll-free and local telephone numbers with some success. However, even to this day, the effects of this one technological advancement can still be felt. Technology has not stopped changing the landscape, in fact, one could argue that a revolution is occurring right before our eyes. In some ways, technology has made it easier to connect with consumers, in other ways it has added more barriers. Not only do the debt collectors of today have to deal with Caller ID, a standard option on most communication plans but there are now additional roadblocks such as carrier spam filtering (call too many numbers too fast and your phone number is flagged as "spam" or "scam" likely) and "Robo killing" applications designed to waste an agent's valuable time by fooling them into believing they are speaking to a live person.

As someone who has managed collection floors over the last fifteen years, it has dawned on me that hiring more agents is not the right path forward. Times have changed and now one must look to the very same disruptor for solutions. Technology, more specifically, virtual collectors are the wave of the future. The great thing is, you don't have to look much further. Total CollectR was built from the ground up and employs next-generation artificial intelligence to help you collect more money, cut your costs, and increase your compliance. It leverages the same technology your consumers prefer to use, connecting you with more consumers than you could ever make contact with over the telephone, and empowers them to resolve their accounts. Debt collection is changing. Are you?