This is an introduction to our first 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.
As an ARM business leader, you have a lot to contend with. You’ve watched operating costs continue to rise. You’ve struggled to get a handle on compliance (a constantly moving target). You strive for better and better results.
Like many others in your industry, you’ve invested in tech innovation to manage these demands and risks with the hope of accelerating and sustaining growth.
How well has your investment paid off? Did you expect better returns?
Having served the ARM market for 30+ years, we know this with 100% certainty: how you innovate can mean the difference between a tech-powered environment (relying on disparate tools for daily operations) and a tech-empowered environment (removing burdens and constraints to unleash productivity and ROI).
The difference between these two operating models can be vast. Based on our experience, we believe every ARM company should strive for the latter.
Long-Term Success Depends on Keeping Innovation Simple
When it comes to innovation, technology can, and often does, become its own issue. Managing the tech stack can gobble up time and resources, and inherent weaknesses can leave ARM businesses on shaky legal ground.
Any tech solution you implement should be steady, reliable, cost-effective, and unobtrusive. It should empower collectors to do more and management to worry less. In fact, day-to-day compliance should be as easy and natural as breathing air. If this isn’t happening in your organization, you might want to consider an alternative to your current tech stack. We call it the ARM ecosystem.
Exploring the ARM Ecosystem: Future Topics in the Series
In upcoming posts, we’ll explain how the ARM ecosystem works and dive into several major issues it addresses. You won’t want to miss these.
Rethinking the Typical ARM Tech Stack
Classic ARM integration, which involves bolting point solutions from multiple vendors onto a core collections platform, leaves big gaps that can increase operating costs and exacerbate compliance risks. We’ll explain why and discuss how an ARM ecosystem eliminates these problems by design.
Supercharging Collectors’ Performance
In a typical tech-powered environment, collectors aren’t equipped to make informed decisions or prioritize accounts. An ARM ecosystem provides real-time insights collectors can use to recover more revenue. We’ll show you how an ARM ecosystem empowers collection teams to optimize their performance and results.
Reconciling Compliance Management and Consumer Demands
Many collection agencies avoid adopting text, email, and other forms of electronic communication because they’re concerned about compliance risks. But they know these new channels offer more effective options for consumers to pay. We’ll explain how an ARM ecosystem allows agencies to communicate in consumer-friendly ways that support compliance with federal and state regulatory requirements.
Competing to Win
We’ll show you an ARM ecosystem in detail and in action. We’ll also outline the five big benefits that give ARM agencies a leg up in the marketplace.
Follow Our Blog for Breaking News, Industry Insights, and More
Be among the first to learn about what’s trending today in the ARM industry, what’s around the corner, and the solutions we’re working on to address the problems that are limiting your company’s potential. Plus, get expert analysis, insights, and advice you need to succeed in a complex, fast-changing marketplace. We’ll deliver it all, straight to your inbox.
Not subscribed to the OS blog?
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.
If you read part 1 of this two-part blog series or listened to part 1 of our AccountsRecovery.net webinar “Email Is Hot, Texting Is Hotter: Don’t Be the First to Get Burned,” you might have found some of our comments surprising. Perhaps you left with more questions...
Is communicating via email and text still a pipe dream for your collection operations? If so, you might want to settle in and keep reading. It really isn’t as scary as you might expect. Despite the high costs and marginal returns of relying on phone calls and...
Data privacy and data security are two very hot topics in the ARM industry today. The California Consumer Privacy Act (CCPA) is set to take effect in January 2020, with additional privacy bills now pending in at least 25 states. Meanwhile, cyber crimes involving...
The ARM industry and consumers see the CFPB’s proposed rules through very different lenses. Collection agencies are trying to get ahead of what may be the final rules so they’re ready to comply, while consumers are demanding clear, unequivocal protection from...