We are today living in a world of instant gratification. We are too busy and too impatient to play the waiting game. As a result, by the age of 30 we end up with almost all the loans that are eligible for taking. We have quite a few personal loans, have at least a dozen credit cards, and also buy a house on mortgage. As though this was not enough we also may be having a car loan to boot. While all this is fine, the problem actually arises when we are unable to pay the installments on the respective due dates. We have collection agencies knocking at our door and creating all sorts of problems, which essentially are of our own making. Though we would not like to fall in such a situation, there are thousands of borrowers who get stuck in this whirlpool of debt trap. For securing payments from these borrowers, banks and financial institutions have to have the best of technical support. The number is humungous and unless there is a technology to support collection efforts it would be almost impossible to go in for efficient and productive collection of overdue and other payments.
Most of the banks and financial institutions depend heavily on collection call centers to tackle the problem of collection. The most common and widely used technology is called the collection predictive dialing system. This is a software driven calling technology that offers tremendous flexibility and has very good options at scalability. It has an open architecture that makes it easy to be integrated with other core collection software that the banks and financial institutions may be having. This new software has been found to be extremely effective in ramping up the number of live calls made per day and there have been several instances where collection has increased by more than 250% using this software.
The reason why this software so efficiently is because of the fact that it uses a unique technology by which only live voice conversations are picked up thereby enabling the collection call center executive to speak to the customer and hasten the process of collection. Whenever the collection executive comes across such a live customer, he or she is able to give the complete details to the customer because the executive has a computer screen in front of him that gives the full details of the customers' account. It therefore is very useful in increasing the productivity of the collection agent. It also makes life easier for these call center executives and enables them to concentrate more on customers who will be paying up immediately.
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