This is the second of four posts in our OS blog 2.0 series highlighting the “ARM ecosystem”—what it is, how it works, and how ARM businesses can benefit by adopting this approach.
In recent years, improving the customer experience has become a top priority for customer-facing businesses. Consumers want and expect service that caters to them, and businesses are competing—in some cases, succeeding or failing—based on how well they deliver.
The ARM industry is not immune to this trend. Although consumers don’t choose to engage collection agencies, they (like the companies that enlist these agencies) expect a positive, hassle-free experience, especially when it comes to communications and payment options.
In today’s digital world, offering a variety of convenient channels (text, voice, and consumer portals) is a must for any growth-minded business.
Just imagine the possibilities for your business if you were to make this leap. It would set you apart as a service leader in the eyes of clients and consumers alike. It would also bring more accounts to a successful conclusion. The easier you make it for consumers to pay, the higher your profits will soar.
Are you ready to move beyond traditional communication channels?
Or are compliance fears holding you back?
Conquer the Compliance Challenge, and the Sky’s the Limit
Many in the ARM industry recognize digital communications trigger new compliance challenges. Many more have conquered them. Compliance with digital communication requirements need not keep you from meeting the needs of your clients or the preferences of consumer.
The CFPB’s proposed new rules, which include conversation history requirements and E-Sign consent for text and email, conjure nightmare scenarios among ARM business owners. To remain compliant, agencies would need to track consumer consents, preferences, and prior communications in real time and make them visible to everyone in the organization.
Since many agencies aren’t equipped to do that, they remain stuck in the past, unable to seize opportunities that could propel them forward.
The good news is, you don’t have to choose between embracing new communication tools and minimizing compliance risks. With an alternate tech approach that simplifies compliance management, you can have the best of both worlds.
An ARM Ecosystem Makes Real-Time Compliance Management Easier
There’s no shortage of best-of-breed tech solutions offering advanced communication tools. But as we explained in an earlier post, bolting those solutions onto the tech stack in piecemeal fashion per the classic ARM integration model leaves collection agencies legally vulnerable.
- The absence of a shared database creates visibility gaps between and among point solutions.
- As accounts move through the collections cycle, they can’t be tracked in real time across various channels and platforms.
- Without a central “brain” guiding all functions and tools, changes and updates made in one platform don’t trigger a response or action in others.
- Nor can consent and revocation of consent be meaningfully applied to your digital communication strategy.
An ARM ecosystem helps you mitigate these problems—and the guesswork that normally occurs on the front line—by virtue of its holistic design. It also provides safeguards that help minimize human error. In this environment, compliance management is no longer a managerial burden; it’s deeply ingrained in the collections cycle.
— Imagine what you could accomplish if your collectors knew when, whether, and how to contact consumers. —
Ontario Omni®, our full suite of cloud-based omnichannel communication tools designed to work seamlessly together and with other elements of the ARM ecosystem, allows agencies to offer consumers the convenience of voice, text, and consumer portals while significantly reducing compliance risk. Its built-in mechanisms help to guide the proper frequency, nature, and timing of contacts in accordance with changing state, federal, and company regulations.
Attempts to communicate in a noncompliant way trigger alerts. The moment a consumer preference, consent, or account status changes, the entire ecosystem reacts. Our developers are also working to incorporate upcoming CFPB rule changes ahead of time, so agencies can continue operating within the new regulatory framework.
In an ARM ecosystem, the entire system responds to every inbound call. It identifies and verifies the caller before routing the call to the most appropriate collector based on the caller’s location.
The collector is presented with essential account details, applicable laws and requirements, and next steps.
Call scripts, call recording (with agency-controlled masking), call ID scrubs, reassigned number scrubs, and scoring results are activated right away.
Ready to Improve Your Long-Term Prospects?
By moving beyond classic bolt-on ARM integration and adopting a more holistic tech solution, you’ll start operating in a whole new way. Not only will your collectors work more efficiently, but they’ll be armed with knowledge and tools that can help them stay compliant.
Instead of worrying about your collectors’ potential for liability, you’ll be focused on their potential for generating profits—and what that could mean for your company’s future.
In our next post, we’ll discuss how the ARM ecosystem helps you maximize collector efficiency.
Disclaimer: Ontario Systems is a technology company and provides this blog article solely for general informational and marketing purposes. You should not rely on the content of this material for any other purpose or as specific guidance for your company. Ontario Systems’ advice, services, tools and products described herein do not guarantee compliance with any law or industry standard. You are ultimately responsible for your own company’s actions and compliance efforts. Because everyone’s situation is different, you must consult your own attorneys, accountants, and/or other advisors to obtain specific advice on your company’s compliance, legal, tax, regulatory and/or other business needs. Despite Ontario Systems’ efforts to provide current and up-to-date information, you need to recognize that the information contained herein may become outdated quickly and may contain errors and/or other inaccuracies.
© 2019 Ontario Systems, LLC. All rights reserved. Information contained in this document is subject to change. Reproduction of this publication is not permitted without the express permission of Ontario Systems, LLC.
The ARM Ecosystem: Advancing Beyond Integration
Read all about how the ARM ecosystem works and how it transforms collections in our latest eBook, “The ARM Ecosystem: Advancing Beyond Integration.”
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