7 key reasons technology makes debt collection faster and easier

Cash flow is the heartbeat of all companies. A poor cash flow takes a toll on the operational efficiency of the business and affects the relationship with suppliers. That is why a successful debt-collection strategy is crucial to ensure that all sales and services are converted into money as quickly as possible. Clearly, agile, effective debt collection has become essential to a company’s financial health.  But how can this be achieved?

Human capital is key in these tasks, and it is important to work with professionals who specialize in this arena. Following a clear, established debt-collection procedure will help to successfully meet the objectives: on one hand recover the outstanding debt and, on the other hand, keep the customer! Being fully aware and having a 360° view of the customer and the debt, monitoring and being able to contact the customer through various channels (phone, email, chat, video, mobile apps, etc.) are things that must be part of any road map for successful debt collection.

To access all this information, be able to personalize the contact with the debtor, and follow up on the debt it is essential to give debt management professionals the right technology. Management software and effective communication have been proven to improve debt collection rates exponentially. How?

1. Single desktop for agents

Giving debt-collection professionals the tools to make their job easier is key. Having all these tools in one place, on one screen that is intuitive and provides a 360° view of the debtor is the best way to boost productivity. If this screen also has scripts that adapt to the various stages of debt, your agents will be unstoppable.

2. Predictive dialer and voice portal

Artificial intelligence and machine learning are essential for automating repetitive tasks. The agent’s positive attitude is key in the debt collection processes, but it’s hard to stay positive when most of the calls are unsuccessful. An automatic dialing system segments customer lists and uses various dialing methods to contact each customer, while ensuring that agents only receive calls that have been answered by a person. This boosts efficiency and allows agents to focus on productive calls. Often customers only need, and prefer, a proactive reminder. They can handle the debt on their own through an IVR, without getting anyone else involved. Operational efficiency and customer privacy: a winning combination.

3. Workflow

Debt collection isn’t all the same, so each situation has to trigger a different process. A proactive reminder on various channels, such as email, SMS or mobile app, could be enough to get a response from the customer. Identifying actions that trigger other subsequent actions automatically, such as calls, means agents don’t have to do this manually and increases payment agreements.

4. Campaign Manager

Smart outbound campaigns to optimize the chances of debt collection and see which contacts are worthwhile.

5. Reporting and monitoring

For a comprehensive view of debt collection in the contact center sector, the results and performance, and how to improve them. To monitor all the contact center campaigns running and the debt processes.

6. Analytics

Boost debt recovery rates using BI tools, big data, algorithms, artificial intelligence, etc.

7. Big data and machine learning

The number of customer interactions and the huge amount of information collected, create the perfect opportunity to learn about the processes and improve them. How? Using campaign results to compile information and learn from it. The next time you set out to work with a new list of contacts, the system will organize it by dialing priority to call the contacts. This leads to even more effective response and higher recovery rates.

Boosting recovery agreement rates, decreasing abandoned calls, exponential increase in messages delivered and, overall greater savings are the main advantages of specific software for debt-collection management.  Altitude Xperience has helped  many clients to achieve these benefits.

Do you think that you could benefit from an omnichannel solution to make your debt management more agile? Do you want to know more about how Altitude Xperience can help improve the results of your debt collection campaigns?

Contact our specialists to see a demo now!