The modern digital world has transformed communication, and we expect to receive streamlined messages via convenient channels we are familiar with, such as email, social media, SMS or Live Chat. It is essential that lenders leverage all potential channels of communication to reach delinquent borrowers, and that’s what omni-channel collections are all about. It is now possible to communicate with debtors via the phone, email, SMS, the Internet, physical mail, chat, and a dedicated mobile (phone and also tablet) application.
The smartphone is the most ubiquitous gadget of our modern world. And it works as an effective collection device. Most people have their phones on them almost all day, so if you can reach a debtors phone, you’re likely to reach them, which increases the likelihood of the successful collection of debts.
But we should not simply define the omni-channel process as being a digital presence across different communication channels. It’s about having an integrated view of the customer. Omni-channel collections are about building relationships, not just transactions. The intelligent collection of verified and up to date data provides the collector with a sound knowledge of their customer. By assessing the customer’s history and preferences, it is then possible to engage with them more effectively. Do they ignore emails but respond to SMS, for example? Omni-channel collections are prompt, targeted, automated and more successful than any other method of debt collection.
Another great benefit of employing an omni-channel collections process is the reduction in overall costs it provides. Platforms such as AI chatbots and automated SMS and WhatsApp interactions shave time off debt collection efforts and ultimately save their user money.
The landscape for debt collections is ever-evolving, particularly when it comes to the implementation of more stringent laws. Automated omni-channel communications are a great way to avoid privacy breaches and accusations of harassment, as automated agents can easily maintain compliance protocols, and messages containing personal information can be encrypted.
By communicating effectively and efficiently to debtors over a variety of channels you’re bound to engage them more successfully and reap rewards. Get in touch to learn more about how LATERAL’S omni-channel collections software can help you reach your targets.