Blog / Automation, Solutions by Industry

What Is Debt Relief Process Automation?

Learn what debt relief automation is and how it can benefit your company

With inflation reaching a 40-year high in June 2022, nearly half of all Americans are falling deeper into debt as they struggle with the rising cost of living. According to a recent survey, 43% of Americans expect to add to their debt by the end of the year.

What does this mean for debt relief and settlement companies? Between inflation and the nation’s increasing risk of recession, debt relief and settlement companies are bound to see a significant uptick in workload.

However, following The Great Resignation, many of these companies are understaffed. This means extra responsibilities for team members who already have their plates full. Your employees can quickly become burned out and your organization can easily fall behind if you aren’t leveraging the right tools.

What Debt Settlement Process Automation Is

Debt settlement process automation can help your company effectively keep up with increasing demand by streamlining incoming client correspondence and documentation. With this solution, you can offload tedious, manual tasks to highly intelligent technology that can complete them more accurately and efficiently. This means your staff can focus on more high value core tasks. Here are a few benefits of adopting a debt relief process automation solution:

  • Improve speed to settlement
  • Eliminate data discrepancies
  • Handle large volumes more efficiently
  • Eliminate stare and compare

In fact, companies in the financial services sector that have worked with digital transformation solution providers like MetaSource have reduced cycle time by 60% and decreased resource needs and time allocation by 80%.

How Debt Relief Process Automation Works

Helping customers resolve their unsecured debts is no easy feat in any climate, and increasing financial challenges only make it harder for your employees to keep up. Debt settlement process automation is the key to finding success – regardless of the current market and, consequently, your workload. Here’s how it works:

  1. Your trusted business process automation partner securely receives your documents and all forms of incoming correspondence.
  2. Your documents are quickly classified using advanced recognition technology.
  3. Actionable data is extracted and updates to your debt relief platform are made automatically.
  4. Your documents are indexed and made easily accessible within a secure cloud-based platform.
  5. Using a digital mailroom solution, all incoming mail is electronically routed to the appropriate person or department – whether it be human resources, accounts payable, or customer service.

How to Get Started with Debt Relief Process Automation Solutions

With the influx of paperwork debt relief companies have to sort through and process, it’s more crucial than ever to have an efficient, automated solution in place. Debt relief automation is a practical solution for modern debt settlement companies with employees working both at home and in the office.

When it comes to processing a high volume of incoming mail, email, and documents, you want to make sure you partner with a business process automation provider with experience supporting financial services companies. With over 30 years of experience, multiple certifications, and world-class partnerships, MetaSource is a SOC 2 Type 2 and HIPAA compliant partner. With this third-party accreditation, you can rest assured your debt relief documentation is secure throughout every step of the process. Our solution customization enables us to tailor our digital mailroom and automation solutions to your organization’s needs.

Contact MetaSource to find out how to get started with digital transformation, or stop by our booth at the AFCC’s 2022 Fall Conference in Las Vegas to learn more about how implementing debt relief automation can help you save a significant amount of time and money.

Come chat with us at booth #11 at the AFCC Fall Conference!