Since my last article about our findings on what technology the industry is using I have had the privilege to participate in a very informative seminar on Emerging Technologies for our industry.
Daniel Taylor, from Credit Collection Services Group, presented his findings from the ACA International Association of Credit and Collection professionals convention and expo he attended in the USA.
Daniel explored ways the collection industry can leverage from the technological boom, while demonstrating the progression of technology from type-writers to smart phones.
The key underpinning theme throughout the discussion was the essential nature of integration. Integrating your collection system with a payment gateway provider for immediate credit card and direct debit payments, SMS messaging, web-based access to live data for clients, debtors and agents, mailroom systems, diallers and more; all done with the help of API’s.
An API is an application programming interface which allows disparate systems to talk to each other with ease. This allows for a seamless stream of interactions with all the important parties in the collection process.
Missing from the seminar were mentions of integrations with Court and General Ledger systems, banks and external searching for attaining searches like ASIC company extracts, credit checks and the like.
Seeing the big picture like this you can better appreciate the enormity of it and you could be forgiven for being afraid to ask what the sheer cost of building and maintaining such a colossal system must be.
The good news is, it has already been done, including integration with Courts, MYOB and Xero for a full general ledger and InfoTrack for searching.
DebtCol Software has already invested the time, money and energy into bringing all the parts together into a seamless single system that is easily deployed across the web without the need for investing in enterprise quality hardware and without the expense that quality software developers of today earn.