Fewer Collectors, More Accounts: Prioritizing Contact Efforts for the Coming Wave of Delinquencies and Defaults
How are you preparing for fewer collectors and more accounts?
As the economy faces unprecedented unemployment rates and an impending recession, record numbers of financial accounts across industries will enter collections. According to NPR, banks are preparing for “an onslaught of defaults in debt.” Agencies face staffing challenges with limited office use and work-from-home challenges.
Additionally, the recession may accelerate consumer contact information changes, either from moving residences or changing phone information. Poor data and an increase in call blocking and SPAM tagging could worsen RPC rates. Collections organizations that have more accurate consumer phone and email data, and the phone behavior of their target consumers, will be better positioned to efficiently make contact and arrange for payment.
How are you preparing for fewer collectors and more accounts? Learn how other agencies are leveraging the following insights to improve their contact efficiency and effectiveness:
- Omnichannel phone, email, and device data for coordinated contact attempts across channels
- Dialing the phone number a consumer uses most
- Contacting the consumer during the times and days when they are most likely to answer
- Mitigating inappropriate call blocking or spam-mislabeling