Collector – October 2019 - 37

TECHNOLOGY

"The right partner
will recognize the
importance of
compliance to your
company, leaving no
stone unturned while
automating
and streamlining its
recovery process."

Gramm-Leach-Bliley Act (setting privacy
standards for consumer information);
the Dodd-Frank Wall Street Reform and
Consumer Protection Act (to prevent
deceptive actions); and the Fair Debt
Collection Practices Act, with guidelines
redefined through case law time and again
since it went into effect in 1978.
Artificial intelligence-powered analytics
have become especially useful tools in
recent years, making it easier for collection
agencies to meet compliance standards while
improving customer engagement.

COLLECTIONS AS REPUTATION
MANAGEMENT
Before going further, let's establish
that high compliance standards are an
unambiguous positive-there's a reason
clients' standards are often more stringent
than those of the government. After all,
your agents represent your clients when
they're on the phone, and they have a
reputation to uphold. The wrong mistake
risks putting them in legal jeopardy.
Perhaps more importantly, over time
your own company has developed or will
develop a reputation of its own-and
you don't want it to be that your agents
consistently operate in a gray area. You

COLLECTOR 10.19

want your customers to be able to sleep
at night knowing they've hired the right
agency to deliver a necessary service in the
right way: legally, morally and ethically.
Though compliance is often framed as a
challenge, perhaps a better term to attach to
it is "comprehensive." The collection industry
is governed by numerous regulations for
a very good reason: to protect consumers
from abusive debt collection practices. Your
company should ensure compliance is a
foundational part of its collections software
for the same reason.

AN (ARTIFICIALLY) INTELLIGENT
APPROACH TO COMPLIANCE
When choosing a software and
technology provider, your company's
leaders should ask potential partners
whether they have incorporated
compliance into their platform, the types
of insights it can produce, and most
importantly, whether they can work with
your colleagues to improve the platform
in the future.
The right partner will recognize
the importance of compliance to your
company, leaving no stone unturned
while automating and streamlining its
recovery process, paying special attention
to features such as segmentation, contact
information recovery and payment dates.
Meanwhile, the artificial intelligence
that powers this automated compliance
can also power analytics capable of
identifying and implementing decisions
that maximize return while delivering
strong customer engagement. Simply
put, by adopting one of the ARM
industry's artificial intelligence products
on the market, you can personalize your
interactions in a way older systems can't,
enhancing your compliance efforts by
meeting consumers on their terms in a
manner that is 100% fail-proof.

STREAMLINED COMPLIANCE =
STREAMLINED OPERATIONS
Let's face it-most litigation and
other liabilities are the fundamental
result of agencies mishandling

non-revenue generating situations,
such as bankruptcy, fraud, deceased
and disputed accounts. Add in the
inbound calls that result in the
removal of wrong numbers due to
over-skiptracing, and these types of
interactions account for nearly 30% of
an agent's day. Not only are they not
collecting during this time, but if they
are not handling these accounts 100%
to the letter of the law, your agency
stands to lose further revenue through
senseless litigation, potential fines and
failed client audits.
Compare that to the peace of mind
of knowing that your automated,
virtual attendant is scripted perfectly
by your compliance department and
consistently delivers an accurate message
to the consumer on each and every call,
guaranteeing that you are following
your client requirements and federal
and state laws to a "T" on every single
communication.
The end result not only handles nonrevenue generating accounts harmoniously
through precise detail and compliance,
but gives that 30% of work time back to
the agents so they can focus on accounts
that can end with money exchanging
hands and consumer credit ratings being
salvaged-and ensure that your clients are
protected as you recover their lost revenue
at a high rate.
Collection service providers are
frequently pulled in multiple directions
at once, leading to solutions that too
often are more reactive than proactive.
Analytics offer an opportunity to
flip the script. Instead of worrying
whether agents will follow compliance
standards, your company is free
to develop solutions that focus on
delivering a top-notch customer
experience while artificial intelligence
handles the rest.
Gordon Beck III is the president and COO of
Jacksonville, Florida-based Valor Intelligent
Processing. He can be reached at gordon.
beck@valorvip.com.

37



Collector – October 2019

Table of Contents for the Digital Edition of Collector – October 2019

President’s Page
Industry News
Best Practices
FYI
Collection Tips
Accessibility From Every Angle
Information Transformation
Calendar
Honor Roll
Education Spotlight
Behind the Name
A.I. is Transforming Compliance. Are You Ready?
What to Watch in 2020
ACA’s Industry Advancement Program Provides Amicus Support in Key FDCPA Statute of Limitations Issue
ACA SearchPoint
Ad Index
Membership
Last Word
Collector – October 2019 - Cover1
Collector – October 2019 - Cover2
Collector – October 2019 - 1
Collector – October 2019 - 2
Collector – October 2019 - 3
Collector – October 2019 - 4
Collector – October 2019 - President’s Page
Collector – October 2019 - Industry News
Collector – October 2019 - 7
Collector – October 2019 - 8
Collector – October 2019 - 9
Collector – October 2019 - Best Practices
Collector – October 2019 - 11
Collector – October 2019 - FYI
Collector – October 2019 - 13
Collector – October 2019 - Collection Tips
Collector – October 2019 - 15
Collector – October 2019 - 16
Collector – October 2019 - 17
Collector – October 2019 - 18
Collector – October 2019 - 19
Collector – October 2019 - Accessibility From Every Angle
Collector – October 2019 - 21
Collector – October 2019 - 22
Collector – October 2019 - 23
Collector – October 2019 - Information Transformation
Collector – October 2019 - 25
Collector – October 2019 - 26
Collector – October 2019 - 27
Collector – October 2019 - 28
Collector – October 2019 - 29
Collector – October 2019 - Calendar
Collector – October 2019 - Honor Roll
Collector – October 2019 - Education Spotlight
Collector – October 2019 - 33
Collector – October 2019 - Behind the Name
Collector – October 2019 - 35
Collector – October 2019 - A.I. is Transforming Compliance. Are You Ready?
Collector – October 2019 - 37
Collector – October 2019 - What to Watch in 2020
Collector – October 2019 - 39
Collector – October 2019 - 40
Collector – October 2019 - 41
Collector – October 2019 - ACA’s Industry Advancement Program Provides Amicus Support in Key FDCPA Statute of Limitations Issue
Collector – October 2019 - 43
Collector – October 2019 - ACA SearchPoint
Collector – October 2019 - Ad Index
Collector – October 2019 - Membership
Collector – October 2019 - 47
Collector – October 2019 - Last Word
Collector – October 2019 - Cover3
Collector – October 2019 - Cover4
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