1. It creates a compliance black hole

Older systems can cause data errors. Put plainly, customer data can disappear into a black hole, and you cannot reliably attribute decisions. When asked why a vulnerable customer received the treatment they did, can you consistently explain it to the regulator?

Advanced cloud systems have an immutable audit trail so managers and regulators know the what, why, who, and how of every action and decision. Built on a single, robust data structure, there is no hiding place for lost information – better for customers, employees, and the company.

2. It lacks the agility to adapt to future challenges

Old systems are complex and difficult to adapt. You will be heavily reliant on your supplier to make even basic changes, and their timescales may not fit yours.

Organisations with modern cloud software can quickly adapt their operations and strategies to new circumstances. The rapid development and deployment of new solutions help companies pivot their offerings or business models much more efficiently than legacy systems. 

In addition to managing change more easily, you can adopt a test-and-learn culture that drives effectiveness and heightens operational efficiency.

3. It blocks progress to automation and online engagement

Legacy systems were designed for pushing paper around a pre-internet world; they’re a square peg in a round hole. They were made for letters and phone calls, which are increasingly unpopular, slow, and expensive. They have limited automation, leaving teams to waste time on routine, and sometimes duplicated, manual processes.
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Cloud systems take a digital-first approach to ensure the best value from your team, as well as convenience for customers. Results show that the majority of debt episodes can be successfully resolved in online channels. This creates more time for agents to get the right resolution in complex cases and take care of customers who prefer a phone call.

4. It leaves you open to reputational damage

The wrongful treatment of customers in debt is often due to system or data failures. The cause is disjointed systems where essential information fails to reach the right person at the right time, causing detrimental delays in support. Mishandling vulnerable customers causes hard-to-repair damage to a hard-won reputation. The human cost can be devastating. Regulatory fines can easily outweigh the cost of system replacement many times over.

Collections systems with real-time streaming eliminate delays, reduce mistakes, and minimise the risk of poor customer outcomes. Updates occur in seconds and travel across the whole system instantaneously –  no barriers or obstacles, no black holes

Is your current system holding you back? Explore how our software can eliminate these risks and set you up for future success.