Check out the latest episode of ACA Cast.
2/22/2021 10:00
Effectively meeting the needs of clients means taking a forward-thinking approach. Nags Odedra, client partner at FICO, explains why and how this is important in a discussion with ACA International’s Director of Education Kelli Krueger on ACA Cast “Modernizing Your Collection System.”
Odedra has been with FICO for eight years, assisting clients across U.S. to improve their collection operations. In his current role, he helps FICO’s over 100 collection agency clients keep their competitive edge with FICO’s enterprise-level proven collection solutions.
“The competitive landscape for the ARM industry has really changed,” Odedra said. “Through this change in supply and demand, we’re seeing collection agencies are needing to perform better and better simply to maintain their existing business levels, never mind continue to grow the business.”
It all comes down to technology and how it has evolved.
“Technology operations need to meet … clients’ needs, and they have been doing this historically through legacy technology and creating customization,” Odedra said.
But modernizing those platforms is critical now.
Odedra also provides advice for navigating technology changes while keeping pace with regulatory requirements.
“As you grow, you need to be certain that your technology can support you and, with legacy systems, that may not be the case,” he said.
Odedra and Krueger also reviewed the top three considerations to keep in mind when creating a future-proof collection system and tips for getting the best return on investment.
The bottom line?
“Ask the right questions and look at all the details to ensure your system is future-proof,” Odedra said.
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