LiveVox CMO John McNamara Presents Keynote at ACA of Texas Convention

LiveVox, the leading provider of hosted-dialer solutions, today announced that LiveVox Chief Marketing Officer John McNamara presented a keynote address on operations and technology strategies needed to survive the current economy at the American Collection Association of Texas Annual Convention last week in Dallas.

With liquidations declining and transaction costs on the rise, collections organizations must transform their operations to survive, as the industry did during the 1990-1991 recession, and thrive when the economy rebounds.

“The credit and collections industry faces tough challenges in the coming months and companies must prepare to ensure survival,” said Tom Morgan, Executive Director, American Collectors Association of Texas. “John McNamara is a recognized industry thought leader, and we were pleased to have him address tactics that our members can employ to sustain their operations during this critical time.”

To remain competitive, companies must review technology and operations, as well as pursue solutions, like the LiveVox Hosted VoIP Dialer, that deliver eight to 10 Right-Party Contacts (RPCs) per agent, per hour to combat increased operating costs and a stressed consumer market. The following measures will enable collection shops to navigate a tough economy:

Expense assessment

• Avoid knee-jerk reactions such as wholesale line item cuts. Review expenses to determine if cuts affect agent productivity — spending that increases collections will offset the benefit of cuts.
• Consider “Other-Shoring” strategies, such as nearshore, offshore and rural locations to leverage cost advantages and labor arbitrage. 
• Examine the total cost of technology and telephony, including its impacts on productivity — pursue investments that require no capital expenditures and provide real-time performance data.

 
Collection training

• Place a premium on Initial Right-Party Contacts, the line of scrimmage for maximizing liquidation and controlling consumer complaints, to extract all the needed information from the consumer.
• Promote collaboration between agents and consumers to reach the best resolution given the current economy. 
• Increase compliance training to navigate the heightened regulatory scrutiny that comes with a struggling consumer environment.

 
Operational approaches

• Consider added investments into tactics like scoring, contests, hosted dialing and skip tracing to boost productivity.
• Develop a consultative approach with consumers, positioning debt resolution as a path to financial recovery as the economy improves. 
• Review technology that gives Right Parties the ability to Opt In to collections calls to reduce complaints and create better interactions.

“The game has changed, and collection agencies require new approaches if they want to stay in business,” McNamara said. “Companies must secure eight to 10 right-parties per agent, per hour, all day to maximize agent productivity and protect margins. Only hosted dialing offers the capacity to hit this mark, while addressing cost constraints. Companies that fail to meet this metric are wasting labor costs at the rate of $0.30 a minute per collector.”

McNamara, a 25-year industry veteran, is also Co-Founder of Fidelis Recovery Solutions, Inc., an Atlanta-area receivables management firm. Prior to LiveVox and Fidelis, he was Chief Operating Officer for Asset Management Outsourcing, Inc., SVP of Operations for Nationwide Credit/ACB, and VP of Operations for United Recovery Systems, LP. He is a frequent speaker and author on industry issues and trends.

About the American Collectors Association of Texas
The American Collectors Association of Texas is the second largest State Unit within ACA International.  Comprised of almost 200 member agencies, ACA of Texas actively supports its members through educational programs, legislative activities and the sharing of information among its members.

The organization recently concluded its 61st Annual Conference and Exposition in Dallas with record attendance. The next Conference and Exposition will be held in late September 2009, in Houston. Dates and location will soon be announced. For more information on ACA of Texas, please contact Tom Morgan, Executive Director, at 512-458-8666 or via email at tmorgan@texascollectors.com.

About LiveVox
LiveVox is the first provider of hosted dialer solutions for the credit and collections industry. Breakthrough, patented technology and deep industry knowledge allow LiveVox to assist clients with optimizing their operations and collection strategies. Private, carrier-grade VoIP networks enable LiveVox to maximize the productivity of leading credit, collections, debt purchase and call center organizations at the lowest cost of ownership in the marketplace. LiveVox is headquartered in San Francisco. For more information, visit www.livevox.com.