The Challenges of an Effective New Strategy for Contacting Millennial Account Holders

A New Challenge for a New Age

With the exponential rise in mobile device use over the last 30 years, it’s clear that a major shift has occurred in the realm of telecommunications. During this time, the FCC has tried to keep up with these changes and protect consumers against unwanted and even aggressive calls.

Many people under the age of 40 will probably never have a landline. It simply isn’t necessary anymore. So where does that leave you as far as making collection calls?

Regulation or Frustration?

Unfortunately, due to the slow nature of the legislative process, the rules and regulations surrounding collections communications are increasingly out of touch with where we are as a society. Because many of your customers, if not most, rely heavily, and potentially exclusively, on their mobile devices vs. their landlines (if they even have one), contacting them has become more difficult.

On top of simply using their cell phones, many customers have different contact methods they would prefer over spending time talking on the phone, such as text or email. However, these methods are so regulated that it’s nearly impossible to utilize them.

What legislators seem to forget during the process of creating rules and regulations is that debt and credit is a business arrangement. To have a positive business arrangement in which both parties are satisfied with their end of the deal, they need an open line of communication where both sides follow the rules and live up to their commitments.

While we obviously understand the need for regulation to protect customers from harmful practices, many of these laws close the door on the positive communication between debt collection organizations and their customers. The new question then becomes, how do we contact customers when we have so few opportunities to do so?

Innovative Solutions

One area of debt collection that’s gaining more attention is the field of student debt. The goal of student debt collections often is to help your customers get acclimated to the debt they’ll have for years to come.

To educate your customers about the process, you need to be able to communicate with them. However, if they don’t have a landline and the regulations on cell phones are so strict, it can be difficult to make this happen. Before they know it, customers are getting judgment papers from a law firm they’ve never heard of and must negotiate a settlement as part of a lengthy and expensive lawsuit.

sitemap_outlineOne possible solution is a new technology from DialConnection called MobileDirect. This solution is a non-invasive way to communicate with your customers to let them know that you’d like to talk about the state of their accounts.

With an easy setup, you can leave messages for customers on their cell phones without interrupting their day. Their phone never rings, so there’s no risk of interrupting them while they’re in a meeting, driving, or relaxing at home. They’ll simply listen to the voicemail message when and where they want, and they’ll be able to call you back at their convenience so you can have a conversation about their account. It’s one of the easiest and most cost-effective ways to communicate with your customers.

Contact DialConnection now to learn more about this solution and how it can help you contact your millennial customers.

Posted in New Capabilities

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