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    IS OUR JOB MORE DIFFICULT BECAUSE THE COLLECTION INDUSTRY CHANGED IN THE LAST 10 YEARS?

IS OUR JOB MORE DIFFICULT BECAUSE THE COLLECTION INDUSTRY CHANGED IN THE LAST 10 YEARS?

No, the industry has not changed but we have failed to adapt to change and modern technology
Have you wondered why there are mergers and acquisitions changes taking place in the collection software space? Is this good for the ARM industry? In the period leading up to 2000, we enjoyed high fees, the introduction and growth of automated systems and easy access to quality employees. 20 years later, we do more work for less money and our technology expenses have increased without giving us better control of our operations. We hear a simple excuse – things are much more complex and challenging than they were 20 years ago.

Is there anything in the world that has not changed in the last 20 years? What about the collection industry? We did a few basic things 20 years ago – we posted accounts, sent letters, made phone calls, entered payments and remitted money […]

 

MEET THE TECHNOLOGY PLATFORM THAT DRIVES QUANTRAX AND ITS MODERN COLLECTION SOFTWARE

While most collection software vendors struggle to keep up with hardware and operating systems changes, RMEx has thrived on a single platform that is arguably the best business computing system in the world. IBM’s investment in the IBM i platform demonstrates its strategic goal of supporting multiple programming models on IBM i, so that users can apply new approaches and integrate them with existing investments.
Simply stated, Quantrax offers the industry the only AI-based (artificial intelligence-based) collection platform. It is tried, tested and proven. Quantrax is now focused on delivering modern computing and technology innovation, as the industry anticipates new regulations and companies search for new ways to improve customer service, meet the expected compliance requirements and increase efficiency and profitability.
Mark Namba, Quantrax’s Director of Business Development / Operations is excited about Quantrax’s market positioning and the future of the collection industry. “The reaction to our Mobile Suite has been […]

 

CFPB PROPOSED RULE-MAKING

Over 100 pages and 2 press releases have given us insight into the CFPB’s much anticipated plans for regulatory changes within the collection industry. While there are several areas that may be impacted, our responsibility is to make sure that our technology will support and quickly address any proposed changes.

One recommendation in particular is clearly within the scope of a technology solution.
Limit excessive or disruptive communications: Collectors would be limited to six communication attempts per week through any point of contact before they have reached the consumer. In addition, if a consumer wants to stop specific ways collectors are contacting them, for example on a particular phone line, while they are at work, or during certain hours, it would be easier for a consumer to do that. The CFPB is also considering proposing a 30-day waiting period after a consumer has passed away during which collectors would be prohibited […]

 

WHAT DOES THE ONTARIO SYSTEMS ACQUISITION OF COLUMBIA ULTIMATE MEAN FOR THE INDUSTRY AND COLUMBIA ULTIMATE’S USERS?

The timing of the announcement could not have been more interesting! If you wanted publicity, a few days before the Annual ACA Conference had to be the best time. We did not keep count, but it was many times that we were asked “What do you think they are going to do?” I am sure that Columbia Ultimate’s clients will see this in one way, while Ontario Systems will present this positively from a marketing angle. But spin aside, what does this really do for the industry and Columbia Ultimate’s clients? I decided to write this article, not to advertise or promote Quantrax, but because I feel that I am uniquely qualified to discuss the topic. I was also tired of answering the same question over and over again, and this would handle that problem too!

I started in the collection industry at a company called Dexel Systems in the […]

 

QUANTRAX ENJOYS A VERY PRODUCTIVE ACA CONVENTION

Quantrax was at the recently concluded Annual ACA Convention in Denver. Represented by Mark Namba and Ranjan Dharmaraja, they met with their clients, and had a chance to introduce their technology to several attendees. There was a great deal of interest in the new Mobile Suite. The acquisition of Columbia Ultimate by Ontario Systems was by far the most discussed topic.

It was clear that there was less concern and apprehension within the industry, compared to prior years. Companies seem to have accepted that the present regulations are here to stay, at least for the foreseeable future. The reluctance to invest in technology, seems to have changed. This is very positive for technology vendors who have waited patiently for the investment climate to change. The real cost of aging collection software seemed to be better understood by many of the attendees who were either owners or decision-makers. The interest in […]

 

Why the traditional collection agency will struggle in the next 3 years

Look around you and remember. Look at yourself. If you are over 50, you probably remember communicating with friends overseas, using air mail. Today the post office has seen e-mail wipe out the overseas mail business. Travel agencies were replaced by web-based ticketing options. You can listen to and buy the latest music without ever leaving your home. The New York City taxicab medallion has lost half its million dollar value to the competition offered by Uber and related businesses. Add cell phones that have replaced digital cameras, music players, video recorders and GPS’s and you have a long list of products and jobs that have been ruthlessly displaced by software that is exponentially increasing productivity.

The collection industry has been a labor-intense business for the last 30 years. You have to locate people and talk to them on the phone. While we say we are automated and used modern […]

 

VOIP PHONE IDENTIFICATION

We have been asked some questions about the identification of VOIP numbers. Some of our clients are concerned about VOIP numbers being treated like cell phones because consumers may incur charges for calls to this numbers. We have worked with several knowledgeable individuals to stay on top of cell phone number assignment and some of the related industry issues. One of the people I have a great deal of respect for is John Schaeffer, the CIO of Interactive Data, the company that has provided many of our clients with their cell phone data. When I asked for his opinion on VOIP phones numbers, this is what John told me.

“We have received numerous requests over the years to provide VOIP identification much like the current cell suppression offered through the Quantrax platform. From a telephony perspective, a VOIP line is considered a landline. I’ve been trying to deliver a VOIP […]