Ranging from news articles to recent CEO interviews.
Presentation by Payscout subsidiary APS will introduce potentially transformative technology to the accounts receivable management (ARM) industry.
(Los Angeles, CA) June 14, 2016—APS (Powered by Payscout) will offer a virtual reality presentation highlighting—and demonstrating—the potential of VR to improve and streamline the debt collection process at the upcoming Association of Credit and Collections Professionals (ACA) annual convention and trade show, scheduled to take place in Denver on June 16-18, 2016.
“Attendees at the ACA annual convention are looking for ways to improve efficiency and business process solutions,” said Payscout CEO Cleveland Brown. “The virtual-reality-based solution APS is demonstrating, offers a possibility of greatly enhancing the payer experience through the debt payment process, and will also provide improved effectiveness and productivity to the ARM industry itself.”
“In particular,” Brown said, “this technology is aimed at the GenX and Millennial demographics, which are already using VR and other emerging technologies much more readily than former generations—and this will set the pace for VR adoption across the rest of the marketplace.”
Third-party debt payments, Brown notes, plays a vital role in maintaining the nation’s economic health. It enables organizations to survive and prevents layoffs. It also keeps credit, goods, and services available, and reduces the need for tax increases to cover government budget shortfalls. A PricewaterhouseCooper study commissioned by ACA gives a sense of the industry’s contribution. In 2013, third-party debt payments returned just under $50 billion in net assets to the economy; it provided 231,000 jobs with a total payroll of $12.4 billion and paid a total of $2.6 billion in state and federal taxes. In terms of philanthropy, the industry gave back over two million company and individual volunteer hours, and more than $130 million in donations.
According to Jennifer Brummett, Vice President of APS (Powered by Payscout), the success of the ARM industry depends on the ability of debt professionals to reach a mutually workable arrangement with the debtors whose accounts they are handling. “Contrary to popular depictions that collectors are unreasonable and highly aggressive,” said Brummett, “the most successful people in this industry function as counselors and mediators, seeking to balance the financial demands facing the debtor with legal and just claims from the creditor.”
An important component of the ARM industry, Brummett adds, is the debtor experience. The more an individual feels understood and taken care of during the debt payment process, the better the prospects are of reaching a timely and successful resolution. Experts agree that the importance of the customer experience is growing rapidly, and managers in consumer-facing industries—emphatically including the ARM industry—need to stay abreast of developments designed to improve that experience.
“The best customer experience leaders design their customer experience from the point of view of the customers’ motivations and goals,” says Gene Alvarez, Managing Vice-President, Gartner, Inc. “Customers believe the experience should be mutually beneficial, and therefore designed with them in mind. This is particularly true where the seller or provider is seen as borderline privacy-intrusive.”
One emerging technology that shows enormous promise for enhancing the consumer experience is virtual reality. As a contributor to Computerworld recently commented, “I’ve been technologically savvy for as long as I can remember, and there have been very few situations where tech has left a ‘wow’ feeling in the same way virtual reality has. Businesses are embracing the technology, and new use cases are being created every day.”
“With VR, the possibilities to impact various industries are only limited by one’s lack of innovative spirit. Therefore, we asked ourselves how the technology could be used positively in the accounts receivable management arena to help increase engagement, improve customer service, and create innovative ways to connect with debtors for a better experience,” added Brown.
As a complete customer experience, virtual reality is part of the consumer’s omni-channel experience. Omni-channel payment types in all industries add value by increasing efficiency for the companies that utilize them, Brown noted. These emerging technologies are used to reduce manual labor time and offer many different ways for customers to purchase, make payments on revolving accounts and make good on outstanding debt.
To give ACA attendees a sense of VR’s possibilities, the APS (Powered by Payscout) virtual reality presentation demonstrates a simulated VR debt payment. “This,” said Brown, “represents the future of how omni-channel payments are evolving in the accounts receivable management industry.”