5 Latest Developments for Collection

The year 2020 was not easy for anyone around the world. Many industries have been affected by the pandemic, either facing sales declines or having to change their business model.

But it hasn’t all been bad; the current situation has led technology to make great strides in all sectors.

Specifically, in the collection sector, the application of technology has taken on an indispensable role for some years now for those who are interested in finding their company’s name surrounded by words like “efficiency, competitiveness, new markets”.

The companies that have shown durability and resistance to this world situation have a common denominator, which is precisely that they have known how to use technology in their favor. These companies know that it is just as important to invest in human capital as it is in new technologies.

It is extremely important to keep in mind the technological trends that must begin to be adopted by 2021, having a deep knowledge of which areas must be strengthened and make our companies part of the digital transformation.

For this reason, in this article we present 5 of the strongest technological trends for the collection sector in 2021:

More than a trend, this year 2021, is undoubtedly a year in which those old school companies and agents, who are still reluctant to the technology applied in collection, will have to take into account the many advantages that may be being lost.

The use of technology applied to this profession allows them to do more with less, offers the opportunity to have much more certainty within the credit processes and therefore have a faster recovery.

In addition, better strategies can be developed to overcome obstacles that may arise in the way of collection.

It is worth noting that one of the benefits of technology applied to the collection industry is undoubtedly the handling of large amounts of information, in a single system, which allows us to give agility to each of the processes.

By 2021, it is estimated that one of the technologies with the greatest growth will be artificial intelligence. Even though this technology has been on the market for several years, this last year it has gained much more strength, and it is even estimated that at least 25 billion things will be connected by 2021.

Therefore, AI is expected to be included in almost all technological products and services.

This 2021 could be the year when AI finally explodes and reaches its highest point in technology with the increasing adoption of this process, focusing on improving the customer experience and modernizing all processes involving customer interaction.

Algorithms and artificial assistants are some of the most powerful guidelines for this new era.

These algorithms can significantly help your collection methods, giving you certain recommendations on when and when it is best to contact a given user, thus improving and optimizing your collection strategy.

With a tool of this nature, you can increase the efficiency of your agents by between 30% and 45% therefore increasing your collection by up to 10% and significantly improving the user experience.

Without a doubt, AI is a technological advance that we cannot lose sight of in this year 2021.

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