UntitledThis is not a time for us to be trapped by compliance requirements at the expense of numerous competitive, legal and operational challenges we also face. Compliance is likely to be a moving target that makes us more reactive with every court decision. As those decisions are made, is it realistic to change with the winds to mitigate risk?

As we realize that many millennials are afraid to make traditional phone calls, there is a need to quickly create a new medium to interact with the consumers of tomorrow. Our focus should be on how we can move forward, reduce costs and increase productivity for tomorrow; embracing online, intelligent negotiation tools to allow today’s younger generation to interact with collection agencies in ways that they are comfortable, not intimidated by. When they become our singular source of revenue, we will hopefully all be experts in a medium that our competitors are just starting to realize is a much-needed resource.

Our industry is experiencing rapid change, but many of us resist change because of fear. We think “costs” before even considering the potential savings. We worry about the push back from our star collectors instead of how the right tools may create many more stars on our collection floors.

It’s fun to sometimes shake it up. If the only reason you do something today is because “That’s the way it has always been done”, it’s probably being done ineffectively or inefficiently, or both. Our focus should be on the “Why are we doing this, and how we can do it better”, not on recreationally refining the same policies and procedures we have always stood by. Hasn’t technology shown that if you change nothing today, you are that much closer to being irrelevant tomorrow?

Many of us have a love and passion for what we do, but find ourselves flirting with paper thin or negative margins. For some of us, growth means catching up with the latest technology, while for others, it is anticipating tomorrow’s pain points. It’s a great time to recreate our mission and value statements; time to change tired mindsets and think forward to tomorrow’s new demands!

David Sopourn is President of Operations at Capital Collection Service in New Jersey. David uses Quantrax’s RMEx platform for collections. He describes Quantrax’s new RPC console by saying “It’s a game changer. Simply stated, if accounts have numbers to be dialed, they will be called at the correct time, at the correct number, every single time! During the month of placement, our largest client went from 0.10% to 4.70% in recoveries, topping 10.82% in month 2. 10% is what our competition is doing for this client in total.” Quantrax’s technology guarantees that all potential phone numbers are uniformly dialed with regard to call frequency and time of day.