NobelBiz® Blog | First Contact Podcast VIDEO | The Rise of Self-Service in the ARM spacehttps://nobelbiz.com/wp-content/uploads/2020/04/christian-montes.png Host Christian Montes Executive Director of Sales at NobelBIz Digital advances like omnichannel solutions, client access portals and products that automate workflow and increase efficiencies create a new era in Debt Collections. Enabling technology in the right way automates the collections process and manages compliance. More from the episode! https://nobelbiz.com/wp-content/uploads/2022/02/Website-roundPic-Harry.png Guest Harry Strausser III President of Applied Innovation Inc. Published on February 17, 2022 The Rise of Self-Service in the ARM space There is no more doubt that the Debt Collection agencies' future will embody DIY-technology and automated tasks. Agencies have started to leverage self-service web-based technology that provides the customer with various do-it-yourself options and creative web tools. Not only does it automate the collections process and compliance, but it also reduces contact volumes and improves efficiency. PGlmcmFtZSBzdHlsZT0iYm9yZGVyLXJhZGl1czoxMnB4IiBzcmM9Imh0dHBzOi8vb3Blbi5zcG90aWZ5LmNvbS9lbWJlZC9lcGlzb2RlLzU2VnZVcDBFSWIxbDZZdDJXODZWc0E/dXRtX3NvdXJjZT1nZW5lcmF0b3IiIHdpZHRoPSIxMDAlIiBoZWlnaHQ9IjIzMiIgZnJhbWVCb3JkZXI9IjAiIGFsbG93ZnVsbHNjcmVlbj0iIiBhbGxvdz0iYXV0b3BsYXk7IGNsaXBib2FyZC13cml0ZTsgZW5jcnlwdGVkLW1lZGlhOyBmdWxsc2NyZWVuOyBwaWN0dXJlLWluLXBpY3R1cmUiPjwvaWZyYW1lPgAdopting this customer-centric transformation and Omni-channel self-service has revolutionized the way collectors reach out to individuals with the right software, on their preferred method of communication. Therefore, if a debtor is not completely comfortable talking to a collector agent, he can receive assistance and information in a self-service, individualized manner. This new way of communication, reaching people on their level and giving them options, will be a game-changer for the Collection industry. When perceptions are changed, it transforms the debt collection experience altogether. Reduce Costs, Empower Customers Christian: I think we find today with a lot of our guests, that it's not so much whether or not the technology is available and whether or not it's financially attainable, it's one: do you have a plan on how to use it and why you're going to use it. And then when you're going to use it, can you actually measure and manage it properly. Because there's a lot of people that don't have experience leveraging those technologies, optimizing them, how to make them really part of the journey versus just a new shiny object insert. Obviously, self-service is a huge thing, moving towards reducing costs, but also from a compliance perspective. Finding ways where there's less humans involved when it's not an overly complex interaction. So that you can find ways to still do things in a compliant manner meets the consumer debtor where they need to be mad when they need to be mad. And then obviously, from a cost perspective, you know, anytime you have to have another human being involved, it adds more cost. So where does Applied innovation layer over that piece of the project, when you come to any business where you're trying to say: 'this adds value into your business', we understand that there's a portal, anything specific around where there's something different or unique that drives what you deliver as value? Harry Strausser: Well, I think, first of all, that the whole concept of self-service is critical, and not only on the consumer end. But also on the client end as well, because you can put a tremendous amount of resources into clients that have needs. So I think what we offer at Applied Innovation, it is truly that enhancement of the self-service. What's really tough for people that don't embrace technology and have a more traditional viewpoint is this concept, as you just stated, we're moving towards self-service.I've had companies that we're talking through that say, 'I don't want those consumers calling my collectors, I want them just to get a letter and go and pay that in their account, right, or get the information and call in and make a payment on IVR.' If you have traditional mindset, that is really tough to wrap your hands around that. But that's where we're at. Those are the companies that are going to succeed into the future. So what we talk to our clients about on the client side is to say, 'Listen, let's put this platform in place so that your clients can run their own reports, you might need to help them create them, or they can create them on the report writer themselves, and you don't have to go through the steps to help them and take up all of your client service time.' And then on the consumer pathway, where a consumer can get a letter, they can log into a website, they can if they like to create an account, they can have a display of all of their accounts of that agency, they can pick and choose what they want to pay, they can employ one of our negotiators, that, you know based upon metrics created by the agency, the balance of the account, the age of the account, that the type and nature of the account statuses will allow that consumer to negotiate their way through, and you can go from booking an account, notifying them by a US Postal Service or email or text to them themselves moving to a site, negotiating their payment, and it's all done and they in many cases don't need to talk to anyone and as we know as an industry, we get loads of accounts that are small balance accounts. 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