The End of Outbound Calling and the New Customer Experience Era in Collections

Reg F set some companies back on their heels, but not Firstsource. Since 2017, Firstsource has been operating using a customer-centric, digital-first collections methodology and they aren’t stopping any time soon. In this candid, ranging Q&A with iA Strategy & Tech, Firstsource President of Global Collections Arjun Mitra reflects on why outbound calling is no longer viable as the primary customer outreach strategy, how regulations like Reg F have given companies the green-light to modernize collections, and why increasing recoveries now depends on an optimized digital recovery / collections strategy and elevating the customer experience. 

Q: How have you evaluated and prioritized your approach to innovation since the announcement and implementation of Regulation F?

A: Firstsource had already launched a digital platform and solution, which provides consumers with a more convenient and less intrusive way to take care of their debt by presenting options to self-serve on the website. This was ahead of the implementation of Reg F, which with the 7-in-7 and 7-in-1 call restrictions, really reduces the ability to reach consumers. Firstsource deploys an omnichannel approach to better engage consumers via website, email, phone, webchat, SMS. Regulation F has limited the ability to engage with consumers through SMS which is a common communication preference in today’s environment.