Nine Critical Capabilities that Collection Software Systems Need in 2021
No doubt 2020 was one of the most difficult years on record for the collection industry. Unfortunately, 2021 looks to be every bit as daunting given the latest major challenges: • Ongoing social & economic impacts from the COVID-19 Virus (deferred payments/rising defaults) • Expanding list of State & Federal regulatory requirements (CFPB New Rulings) • Changing consumer payment behavior and contact preferences (agentless collections/texting) For collection operations to tackle these major challenges (and those that may follow), they will need their collection software platform to provide a critical set of capabilities. The bad news is many collection software systems in use today are not likely to have these requisite capabilities (at least not in the form or to the degree needed). Read on for nine critical capabilities needed for optimal success.