Like many market sectors, credit collections is facing massive change together with growing numbers of debtors and ever-increasing regulation. And often collections departments are tackling these challenges with legacy software that is no longer fit for purpose. Can the Cloud help to address these issues?
Traditionally debt collection operations have invested in automated dialler technology to increase efficiency and speed connections. However, today’s cloud contact centre platforms go much further than this to offer a complete inbound and outbound, multi-channel package that empowers your agents to collect more revenue.
Here are three areas where cloud platforms can help you evolve your collections function to drive collections and increase revenues:
Understand the mobile customer
Establishing contact with debtors is usually the first challenge for recovering debtors. The popularity of mobile phones is something that collections needs to take into account. The West Cloud Contact Pro platform is the first solution to offer Mobile Number Screening which interrogates the network status of mobiles before calling them to filter out invalid numbers as well as phones that are turned off or abroad roaming. This feature alone is driving up mobile connect rates by up to 40% by cutting time wasted on trying to reach unavailable mobile customers.
Build better customer relationships
By treating customers fairly and putting them at the heart of collections strategies you can increase revenues recovered and protect your brand reputation. The collections conversation is key to successful debt recovery. You can increase the chances of success for every call by avoiding static, inflexible scripts that are more likely to hinder than help.
Users of West Cloud Contact Pro can take advantage of dynamic call scripting which can greatly enhance the effectiveness of debt collection activity by enabling consistent, confident and compliant communications with your customers and importantly increasing First Call Resolution (FCR) rates.
Digital channels offer huge potential to reduce costs and improve collection performance. A flexible outbound system will allow you to integrate digital channels within your debt collection strategy to help improve your debt collection recovery rate. Statistics gathered from YouGov, Demos and Ofcom reveal that 75% of debtors are aged under 45, a demographic which is very comfortable with digital channels.
Research shows that email and SMS can be extremely useful for tracing and making initial contact with debtors who might ignore a phone call. And of course, these channels can help to reduce costs by using your agent resources more efficiently. Since mobile phones are personal rather than household communications devices, the odds of contact can be increased if you take the right approach. Many people will make a payment action in response to a mobile communication, rather than mulling over a stack of bills and trying to work out which to pay first.
As cloud contact centres become standard for every organisation, debt collection strategies will become more sophisticated. To find out how you can recover more revenue and keep costs down by moving to the cloud, download West’s Ten Golden Rules for Contact Centre Collections.
Enda Kenneally, VP Sales & Business Development UKI West’s Unified Communications Services