In 2020 it’s widely accepted that traditional call-centre led debt collection practices are inefficient and prone to human error. Those debtors you’re chasing often perceive that collectors are being intrusive and disrespectful. And likewise, many creditors feel that when they approach debtors via a telephone call, they’re left facing evasiveness and a lack of co-operation. So new practices have emerged. Ones which reduce debt collection costs for creditors, vastly increase customer satisfaction, and improve overall collection results. This new approach is based around multi-channel digital communications. The truth is digital multi-channel communications have a dramatic impact on collections success. They reduce the cost of all customer interactions whilst also enhancing the customer experience. It’s a win win. But what are the best communication channels to boost collections results?
1. SMS / Mobile Apps
Mobile technology is now popular the world over. Smartphones have revolutionised the way we communicate and interact with the world. We all communicate through WhatsApp, SMS, apps and social media. In fact the average person now spends 90 minutes on their phone each day. So it makes total sense to communicate with a debtor via this channel they’re familiar with.
Instead many collections departments stick to old-fashioned notions of landlines and telephone calls. It’s very easy to understand why that doesn’t lead to success. The finest debt recovery software, and debt collections software, can send SMS on your behalf, as a totally automated procedure. This important mobile solution gives modern collections departments access to the perfect and most appropriate method of communication with their debtors.
2. Email
There are 3.9 billion active email users the world over. And today up to 60% of email opens will occur on a mobile device. Quite simply, email is one of the most popular and useful methods of communication. And all organisations who are hoping to see an improvement in their collections results should be using email. The best debt recovery software, such as Lateral, provides its users with a centralised system from which to execute their entire digital communication strategy, including sending those all important emails.
3. Web Portal
Today’s consumers rarely want to engage with real people if they can avoid it. A self-service collections web portal is the means by which debtors can settle what they owe through their own self-directed process. The truth is, person-to-person collection approaches are costly and ineffective. Again, if you’re seeking to improve customer satisfaction, make cost savings, and see a performance improvement then this integrated approach to your digital collections process will undoubtedly contribute to you meeting your goals.
Digital-based multi-channel (omni-channel) approaches can make a compelling difference to your collections success. Get in touch with Lateral to discover how we can help you harness the power of these digital communication channels, and thereby boost your collections results.