Looking forward, COVID-19 will dramatically reshape the collections industry as a whole compared to the way it has historically operated.
61% of consumers have been negatively impacted by COVID-19 from self-isolation and unemployment, to the tragic loss of friends and family — Not one person is exempt from the perils of this economic and physical state of emergency. So, what does this mean for the future of collections as billions of dollars in unresolved accounts are on the table?
Dating back to the 18th century, the collections industry has faced numerous changes over the last 100 years. As society evolved, so did collections. For one, the emergence of technology has forever changed the process in which debt is collected. Now more than ever before, omni-channel communication will prove to be crucial as increased safety precautions, and customer desires have shifted to favor efficient, technologically advanced transactions.
With the largest phase of third-party collections set to begin in October of 2020, it is crucial for collection agencies to adapt their strategy to these emerging consumer and technological needs. Not sure where to start? We've got you covered. DOWNLOAD YOUR FREE COPY OF "100 YEARS OF COLLECTIONS - FROM 1919 TO COVID-19".
