Collector - January 2021 - 27

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usinesses around the world were
forced to pivot in 2020, and
it's possible that the accounts
receivable management industry will
never be the same. Not only did companies
have to almost immediately enable their
workforce to safely operate within health
and social distancing guidelines while
complying with new remote work rules
being issued by state agencies, but 2020
also brought us a more intense reliance on
technology-not to mention industry news
outlets. It was... a lot. As Mary Emerton,
chief operating officer of Asset Recovery
Group Inc., put it: " There was really nothing
that we could do the same way we had done
before other than be good humans. "
We don't know yet what 2021 will hold, but
we do know that the key to thriving through a
global pandemic is to adapt to changes as they
come. We sought out some lessons learned
that members say will continue to help them
succeed in the new year.

USE TECHNOLOGY TO IMPROVE
THE CONSUMER EXPERIENCE
With many people stuck at home for weeks
or months at a time, ordering and paying
for things online has become second
nature, even for those who may have been
resistant to it pre-pandemic. Ted London,
senior director of government, collection
agency and higher education at FICO, said
customer service surveys show that people
are happy when they don't have to talk with
an agent, and many clients report a lower
default rate from agreements taken through
an automated process over ones taken by a
collector. Self-service costs are also lower
for the debt holder and collection agency, so
it's a win-win for both sides, London noted.
" If there is one thing that could have made
us more successful throughout this crisis,
it's more self-service options: text, email,
chat, a self-service portal, etc., " said Stacy
Willis, director of operations for Account
Management Resources. " We have plans for
some of these things in 2021. I feel the more
ways we can help the consumer take care of
things themselves, the better. "

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Collector - January 2021

Table of Contents for the Digital Edition of Collector - January 2021

Collector - January 2021 - Cover1
Collector - January 2021 - Cover2
Collector - January 2021 - 1
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Collector - January 2021 - Cover3
Collector - January 2021 - Cover4
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