Succeeding in Collections Today Requires More Agility

It is not a new revelation that the collections and recoveries market is becoming more dynamic and complex. Even before the advent of Covid-19, the industry was changing at a faster pace. However, what is not widely known is that collections and recoveries operations are struggling more than ever before to keep up with all the changes they need to make. Many collections operations see the answer lies in having a more agile collections software system that provides more “Do-It-Yourself” (“DIY”) Configurability. Many of today’s collections software systems are living in the past. This strategy only works if the collection software system provides a broad and high degree of DIY collection software system configurability that is easy and quick to use. Unfortunately, this is not the reality as advertised with many collection software platforms in use today. While many legacy collections software systems provide varying degrees of configurability, they are limited in scope and can be complex to use. They need to be more encompassing and robust. They also need to be easy for “non-technical” types of personnel to use.