How Innovation is Simplifying Debt Collection

How Innovation is Simplifying Debt Collection

Next-gen debt collection is here and waiting for you.

Even the toughest jobs benefit from having the right tools and debt collection is no exception to this rule. Today, next-generation debt collection is transforming how we pursue your past due receivables. This technology is transforming how we conduct debt collection, making the industry smarter, more efficient, and more secure. Leaders in the debt collection industry have invested millions in the most advanced innovative technology tools to prepare us for the future. What will debt collection look like in the year 2025 and how will technology improve an established industry?

Debt Collection 2025 – What’s Next?

There are a handful of large professional debt collection firms in the market today and a plethora of smaller shops. Those smaller debt collection companies are being left behind as innovators like TSI reinvest some of our hard-earned cash back into the technology powering our efforts. We are well into a technology revolution in debt collections, and we predict the smaller firms will simply be unable to compete with the advancements we’re seeing in the field.

Today, TSI incorporates the technology that will power our firm and our clients into the next decade – and beyond. Behind all of our client-facing debt collection efforts lies a shared knowledge database called “The Source.” Within that platform lives all of the information we need to handle the nuances of collecting for every single client we have, including collections for some of the biggest companies in healthcare, finance, retail, education, and manufacturing. This drives efficiency and makes every collector at TSI an expert on every client’s accounts.

In addition, our collection database is backed by robust controls resulting in industry-leading data security. Protecting the database is a 24/7/365 next-gen security architecture that includes automated and manual breach mitigation monitoring.

The future of debt collection is in the intelligent utilization of technology.

Debt collections are conducted in a way that utilized advanced analytics, smart queries powered by machine learning, and strategic targeting to maximize your ROI. TSI offers debt collection success rates second to none. To hit the numbers, we leverage these powerful tools:

  • Deeper, smarter, proprietary analytics unmatched by anyone in the debt collection industry. Like other debt collection firms, we score accounts. But our analytics takes us further, applying individual attributes to each account and rescoring daily.
  • Advanced analytics help us target the customers that are more likely to pay. This improves our efficiency and ultimately our client’s netback.
  • We’ve upped the ante on inbound calls, supporting inquiries by your customers while decreasing their time on hold. This has improved our customer service while improving your customer experience. An improved experience means that your customers are more likely to pay. It also helps improve your marketplace reputation.

These are just some of the technology innovations revolutionizing the debt collections industry. We know that finding the right fit for debt collection means partnering with a company that focuses strongly on harnessing technology disruption in new ways to benefit our clients. TSI’s next-gen debt collections technology allows companies to recover more debt by leveraging the greater efficiency that these smart tools can offer.

Learn more about debt collection and TSI’s state-of-the-art innovative practices for your A/R.

February 14th, 2019|Collections, Next Gen Delivery|