Omni-Channel Collections is here! Are you ready?

The majority of collection organizations, from a lender to an outsourced collections firm, are pursuing digital channel interaction and engagement capabilities to expand their consumer communication options. Driving this move is the decline in the effectiveness of traditional communication channels (letters and telephony), and the rising success of digital channel communications (SMS/text, email, chat and consumer self-serve collection portal). This move is also a result of collection organizations anticipation of the CFPB’s proposed new ruling expected in 2020 that will likely have a major impact on how collection operations will contact and communicate with consumers going forward.  

(See proposed rule at