The past few years were of great economic turmoil globally. A global pandemic, wars, and subsequent crises have changed a lot of things. There is a sudden increase of debtors who are not paying their dues due to financial problems. Experts feel debtors can regain control of their finances with the help of mobile technologies, artificial intelligence, and blockchain.
Mobile technology can help debtors take back control of their finances. Here's how.
What is mobile technology?
When you hear mobile technology, smartphones come to mind. Smartphones are ubiquitous, with over 83.72% of the world's population using them. Mobile technology combines hardware and software and comprises mobile applications, virtual assistants, chatbots, and wearable devices. Debt collection agencies can use these technologies to make the user experiences better.
How is mobile technology helpful for debtors?
Access to real-time information on mobile apps: With the onset of technological advancements like software apps on your phone, you can have all your financial information in real-time on your phone. The only thing you need is a strong internet connection. It helps them keep track of payments and due dates.
Less intrusive forms of communication: Traditional debt collection methods involved letters, emails, and phone calls to debtors, which were more nuisance than informational. With the advent of mobile technologies, online debt collection agencies can carry out all communication through messages which are less intrusive yet more influential.
Easy payment methods: With increased online transactions and payment modes, it is now easy for debtors to make payments via their smartphones. UPI transactions, card payments, net banking, and QR code scanners make paying dues quick and easy. It overcomes various tedious and time-consuming problems of logging on to the debt collection company's website or writing checks and going to the banks to cash them.
More secure transactions: One of the significant concerns debtors have with online payments is the theft of sensitive information and cybercrimes. With advanced mobile applications, however, there is a substantial improvement in security measures. End-to-end encryption and other security measures ensure that debtor data does not reach the wrong hands. Personal authentication prevents cyber theft to a great extent, making mobile apps more secure than traditional payment methods and making debtors more confident about making payments.
Enhanced customer support: With automation and chatbots, debtors no longer have to wait for days to connect with a debt collector in case of a query. The 24x7 customer support and customer-friendly approach of digital debt collection agencies make it easier for debtors to communicate and connect with them.
Easily manage spending and debts: Many people find it hard to balance their spending and debts. It leads to them taking on more debts than they can safely pay off. With the help of mobile technology and AI, debtors can now manage their spending habits better. It leads to timely payments and better collections.
DebtCo is the only all-service digital collection company you need for your payment collection woes. We have developed an innovative digital debt collection platform that can take care of all your collection problems, no matter which industry you are in. You can reach out to us at 01376 800 592 or request a meeting to know more.