If you’re a user of Columbia Ultimate Business Systems (CUBS), you may be evaluating where to move to next after having your hand forced, along with wondering how to enhance your collections capabilities. Lateral Technology offers a smart future-proofed solution that provides seamless migration from CUBS while delivering enhanced features and tools to support modern collections.
In today’s competitive and fast-paced legal environment, law firms face increasing pressure to operate more efficiently, provide exceptional client service, and maintain strong relationships with their clients. This is where a Customer Relationship Management (CRM) system can make a transformative impact. Traditionally, CRMs have been widely adopted in industries such as sales and marketing. However, law firms are starting to realize the immense value these systems can offer in streamlining operations, improving client interactions, and increasing overall efficiency. Let’s explore how law firms can become more efficient through the implementation of a CRM.
As we navigate through 2024, the landscape of debt collection continues to evolve, driven by technological advancements and shifting regulatory frameworks. Credit unions, known for their member-centric approach, must stay abreast of these trends to ensure efficient and compliant debt recovery processes. Here are the top 10 debt collection software trends that credit unions should watch in 2024.
First-party collectors, such as those managing car loans or hospital debts, face unique challenges in their efforts to recover outstanding payments. As technology continues to advance, it presents new opportunities for these collectors to enhance their efficiency and effectiveness. Here are several ways in which first-party collectors can leverage technology for better debt recovery.
In the rapidly evolving debt collection landscape, one of the most significant shifts is the rise of omnichannel strategies. For first-party collectors—whether in industries like healthcare, auto finance, utilities, banks or credit unions—this approach represents a major shift in how they connect with and engage debtors. Gone are the days when a single channel, such as phone calls or letters, was the primary mode of communication.
It’s a challenging time for small businesses. More than £75 billion has been borrowed by businesses through Covid loan schemes, and many are now standing on a cliff-edge as the governmental COVID-19 support winds down. Managing the impact of late payments and corresponding debt collection efforts is now a way of life for the thousands of UK small business and local councils, so here are the top five ways to improve collections efforts and boost your credit control.
You’ve probably heard of open banking, but understanding it in precise detail can be challenging. Open banking provides banks and lenders with access to consumers’ data, as long as they consent. Regulated by the Financial Conduct Authority (FCA), the aims of open banking are to give consumers increased power over their investments and it also empowers lenders to provide for specific services, tailored to their needs. As a relatively new financial service, open banking has huge implications for debt recovery and debt collection processes.
The work of government agencies and local councils is more important than ever before. But with the rise of remote working and digital communications in the era of COVID-19, managing cyber risk has risen to the top of the priority list. But there’s good news. Artificial Intelligence (AI) is changing everything about cyber security for the better. As Forbes Magazine explains, AI is “the new cybersecurity sheriff”.
Economic, social and environmental sustainability is a prime focus of today's business environment. In fact environmental sustainability is inextricably linked with business success. So how can cloud computing reap positive environmental benefits for businesses, local councils and law firms? Let’s get to the bottom of this important question.
Late payments are an increasing problem for UK businesses, local councils and government authorities. But with the advent of digital technology, debt collections can now be modernised via a multitude of methods. Here we outline 5 top ways to modernise collections process and improve your overall credit control.
Matter management software (also known as legal matter management software) is software which manages all activities that relate to legal practice. Matter management software brings its users automation and control throughout a legal matter’s full life cycle, and it’s managed from a central dashboard via workflows. Matter management solutions support all legal matters and their benefits of increased efficiency and boosting profits are well reported. But what other hidden benefits can matter management software provide? Let’s take a look at the top five.
CRM stands for Customer Relationship Management. It’s a form of technology which empowers its users to manage interactions with their customers and potential customers. The CRM system serves to increase profitability and improve customer service through streamlining operations. It’s a powerful tool that helps businesses build stronger relationships. But what are the top 5 essential elements of a thriving CRM system?
An estimated 3.5 million people in the UK are in council tax arrears – 51% of them as a result of the COVID-19 pandemic. It’s this incredible level of debt which is impacting local councils in the UK as they endeavour to climb out of the black themselves. In fact, with economists predicting that council tax debt could rise to £6.5bn by 2025, it’s vitally important that local councils institute data management strategies to navigate the challenging times ahead.
If you want to improve your credit control procedures then effective Key Performance Indicators (KPI) metrics can help you reach your goals. For business owners, local councils and law firms, measuring the right KPIs can lead to actionable strategies and an improved cash flow management. The fact is, you need your customers to pay on time, so here are our top 5 best KPIs for measuring credit control.
Our understanding of Artificial Intelligence (AI) has evolved considerably since John McCarthy, the father of AI, coined the term in 1955. With the growing emergence and visibility of machine learning, deep learning and numerous other AI terms, understanding how to harness the power of AI for your law firm can be challenging. But AI is a critical technology for the legal professional, and here we provide an introduction to its many applications.
Small businesses are the lifeblood of the UK economy. SMEs constitute 99.9% of all private businesses in the UK and they employ 14.4 million people. With an annual turnover of £1.6 billion (18% of total turnover in the UK), their financial health impacts the whole economy. During the pandemic half of the UK’s SMEs took out some form of Covid-19 related loan, leaving them with an average additional debt of £173,000 each. And now small businesses need revenue to repay these loans. So how can they improve their own credit control and cash flow? Here are five top debt recovery tips for small business owners!
