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The Surprising Rise of Debt CRM in the Wake of Economic Down Turn

Apr 16, 2008
The ebb and flow between economic prosperity verses an economic depressed state is not uncommon throughout the history of the U.S.'s lifecycle. We just happen to be heading toward the trough right now. However this does not always affect all industry. Some industries thrive when there is a general loss of business in most industry. One of them is the business of customer relationship management, or CRM for short. The bulk of this business is the development of management software, and in the world of keeping track of debtors while working with clients, staying organized is paramount.

The State of things and Debt CRM Software Solutions

So it's probably not the first time you are hearing about how the economic state of the nation's citizens are in a tough situation since the cost of items are on the rise and the job situation is looking a little bleak. But here are a few snippets of the facts that remain:
- The last month saw the largest increase in job loss since 2003 and is not showing let up
- Family debt is hitting record highs as transportation cost is up nearly 10 percent from January, tuition is up, fuel cost and even the cost of food has spiked
- Mortgage foreclosures are hitting record highs as well as credit card defaults

The industry that is at the forefront of making sure debt is collected and bills are paid, are of course, the debt collection department. Collectors are more often using Debt CRM software to work with those who owe while making sure their clients are satisfied as well. Debt agencies are catching a windfall in contrast to the bulk of most other business types.

What good debt CRM software will do is organize and mold itself around the customer service philosophy within a company. So for instance, the software will have a dashboard that will bring up a debtors name and history loan amount. A good system will have to be able to filter the clients and debtors in such a way that the one with the most priority takes precedence, and will be routed to the appropriate consultant. This eliminates confusion between CSRs and their interdepartmental counterparts so they stay on the same plane of updated information.

Since the amount of clients and debtors is growing, the means to manage all of the names and situations is a concern. So the software would be a way to network and sort all of this information appropriately.

In the state of affairs in this dour economic time, staying organized and efficient, especially when it comes to work flow, is even more important. Time saving and waste trimming methods such as these are what many companies are snapping up.
About the Author
Leads 360 (http://www.leads360.com) provides Debt CRM solutions for debt collections and bankruptcy claims departments among many other potential clientele. Leads 360 has some of the most moldable and malleable enterprise CRM software available. The author, Art Gib, is a freelance writer.
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