A Transformational Approach to Collection Communication

Alissa Banks

The rise in smartphone use has completely changed how Americans communicate and use the internet. In an era when most people cannot live without their mobile devices, the accounts receivable landscape is undergoing a massive transformation due to the CFPB, the rise in smartphone use and evolving consumer communication preferences.

Consumer communication habits have evolved

In a recent study by CEA, consumers spend almost two hours a day using their mobile and smartphone devices. The top activities in terms of average time spent each day include talking (23 minutes), texting (20 minutes), using email (18 minutes), visiting websites (16 minutes) and social networking (11 minutes). While talking remains the top activity, the combined total minutes spent on activities requiring data connectivity far surpasses talking on the phone.

The Old Method of Letter + Letter + Call + Call

The communication strategy of mailing collection letters and multiple call campaigns is no longer effective. Consumers are quickly adopting mobile and electronic communication methods such as receiving reminders and notifications of due dates, late notices, and other alerts via email and text. In order for ARM organizations to stay ahead of the curve, electronic delivery options must be part of the communication strategy.

A Radically New Approach for Consumer Engagement

In RevSpring’s upcoming webinar: A Transformational Approach to Communication on April 23, 2014, we dive into the world of online and mobile communication tactics for the ARM industry. This Webinar will provide best practices as well as strategies for adding email delivery and text messaging options to your existing communication program.

In this webinar, we look at the following:

• How to set an effective email program

• Best practices for executing a text messaging program

• How to proceed smartly with electronic communications

To register for this webinar, click here.