Don't overlook the value of SMS as a key part of your digital recovery or debt collection strategy.

The accounts receivable management (ARM) industry tends to move slower than most when it comes to adopting new technologies. This is partly - but not entirely - due to the enormous regulation of the industry. But also, agencies must overcome the hurdle of convincing their creditor clients to adopt the same technology and to trust their agency to use it in a compliant and consumer-friendly way. The future of the ARM industry must include meeting customers where they want to be met, and that means adding more communications channels like email, interactive websites, and, yes, two-way texting.

Some companies in the ARM industry have successfully integrated outbound SMS messaging into their collections strategies. These agencies are driving calls and website traffic via SMS. Opening this channel of communication for two-way conversations with customers is key to the success of the ARM industry in 2021 and beyond. According to The Local Project, 64% of consumers are likely to have a positive perception of businesses that offer communication via text message, and unsurprisingly, 44% of consumers would prefer to push a button and initiate a conversation rather than waiting on hold for an agent. As more industries evolve to integrate two-way texting into their available communications channels, more consumers will come to expect that type of service from the ARM industry.

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