“New & Improved” technology is touted as the solution to the collection industry’s growing complexity. But just as endless “improvements” over-hyped in consumer products lead to consumer distrust, technology-solution claims deserve a similar skeptical reaction.
Letters cost an average of $1 each; text messaging costs pennies. Emails can typically take up to three days for consumers to read; texts are read almost immediately. Two-way text messaging has a 45 percent response rate compared to email’s 6 percent response rate.
When consumers respond to text messages, 80 percent of the time it happens within 90 seconds. Texting is the most frequently used feature on a smart phone with 97 percent of Americans texting at least once a day.