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:
Join Neustar dialing optimization experts Mitchell Young, Vice President of Customer Intelligence & Risk Solutions; Todd Meeks, Director of Risk Product Management; and Wendy Weinhardt, Principal Solutions Engineer; as they explain proven strategies that will help your organization prepare for the coming wave of accounts entering collections.