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Why Debt Relief Companies Are Leveraging Automation

A team putting together a puzzle to find a solution

It’s no secret that Americans are going through a debt crisis. In the last quarter of 2021, U.S. credit card debt increased by $52 billion, reaching $860 billion. The Federal Reserve Bank of New York’s household debt and credit report shows that this rise marked the largest quarterly increase in 22 years.

And the debt crisis doesn’t end with credit cards. According to the New York Fed, total household debt rose by $333 billion in the last quarter of 2021, exceeding $15.5 trillion.

This growing consumer debt comes with a growing need for debt settlement services, leaving debt relief companies to face an unmanageable amount of incoming mail, emails, and documents. Employees are left having to work overtime to process these incoming documents and respond to customer service needs, all while maintaining fast response times. The result? Burnt-out employees and unavoidable customer service issues.

So, how can your debt relief company provide the assistance consumers need when you can’t handle the influx in volume and the flood of correspondence that comes with it?

How debt relief process automation drives digital transformation

If your company doesn’t have an efficient way to respond to numerous clients seeking help with their debt, you can easily become overwhelmed with the amount of paperwork and customer communications.

Fortunately, there are automated solutions available that can help you effectively manage your incoming correspondence, improve customer service with faster processing times, and even reduce costs. By partnering with a BPO services provider, you can leverage debt relief automation to make receiving and processing mail painless for your employees. Here’s how it works:

  1. The BPO partner receives client documents and all forms of incoming correspondence.
  2. Client and creditor documents are opened, prepped, and scanned.
  3. Data from the documents is classified and extracted using advanced recognition technology.
  4. The client’s debt relief platform is automatically updated with actionable data.
  5. Client and creditor documents are indexed and made easily accessible via a secure cloud-based platform.
  6. Using a digital mailroom solution, all incoming mail is electronically routed to the appropriate person or department, such as human resources, accounts payable, and customer service.

Implementing this highly efficient solution enables your employees to offload manual tasks, increase speed to settlement, and, ultimately, provide consumers with the debt relief they need, when they need it – whether your staff is working remotely or in the office. Other benefits include:

  • Easily handle large volumes of documents
  • Reduce cycle time by 60%
  • Decrease resource and time allocation by 80%
  • Eliminate stare and compare, data discrepancies, and errors

Debt relief automation can also improve job satisfaction and employee retention

With “The Great Resignation” in full swing, numerous companies are struggling to hire and retain employees – and the debt relief industry is no exception. So, now not only do you have a large volume of incoming correspondence flooding your mailroom, but you also likely have less employees to manage it.

Luckily, implementing debt relief automation is an option. A few years ago, having a large team may have been necessary to complete tasks in full and on time. But with a debt relief automation solution, you can complete tasks faster with less employees. Not to mention, you can increase employee retention by making your employees’ lives easier, ensure business continuity, and, ultimately, circumvent the risks that come with “The Great Resignation.”

How to get started with debt relief automation solutions today

In today’s financial climate, it’s more important than ever to have an efficient automated solution in place. From streamlining your mailroom to accurately eliminating data discrepancies, 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 BPO company with experience helping debt relief companies. With over 30 years of experience, multiple certifications, and world-class partnerships, MetaSource is a SOC 2 Type 2 and HIPAA compliant business process outsourcing 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 financial services digital transformation, or join us at the 2022 AFCC Spring Conference on March 27-29 at Booth #11 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 Spring Conference!