In the current working environments, there is a constant increase in volume of unpaid debts and uncertainty in debt recovery processes. Consequently, there is also a growing need to develop solid strategies with the right
debt collection software in order to guarantee interactions that are more efficient.
Different factors affect a successful debt recovery process. These include not knowing the interaction´s historic activity, improvisation of the speech used and not offering payment alternatives. Here is where contact center technology becomes a fundamental element to ensure demands in productivity rates and anticipate debt recovery while reducing costs.
Technology as a centerpiece of operations
Using the right technology has a direct influence in systemizing debt recovery processes. Integrating contact center solutions with databases and other business applications adds intelligence to operations and allows a greater segmentation of debt.
However, we must not stop there. It is crucial to apply common business rules to all contact center areas, in order to guarantee consistency of interactions and adapt the speech according to the customer´s needs. This reflects a sensation of flexibility and trust during all the process and increases the possibilities of payment resolution.
Optimization of agent´s performance
Contact Centers focused on debt recovery face an important challenge. This is how to find the perfect balance in managing inbound and outbound interactions so service quality doesn´t lower, thus optimizing agent productivity.
For inbound debt recovery campaigns, intelligent routing strategies may be applied. The system analyzes the debtor´s profile and qualifies it according to its payment risk. Therefore, voice call (or any other form of interaction) by high risk profiles is routed to the most qualified agent and with a greater degree of knowledge. This way, low risk profiles are served by IVR, allowing agents to focus on more important and less routine tasks.
On the other hand, for outbound campaigns, predictive dialing is elemental. Automatic dialing capabilities allow an increase in rate of connected calls. This feature, combined with the innovative functionality Best Time to Call, by Presence Suite, predicts the best time to call. This may seem basic, but is a differentiated factor when it comes to debt recovery. The fact of calling a customer in his/her most convenient time makes them more willing to listen, which ultimately increases the chances of success.
The Omnichannel approach is no longer an option, is a must
An Omnichannel approach opens up the possibilities to interactions through a wide range of channels. One may think that these only allow increasing service efficiency in debt collection. The reality goes far beyond this.
Companies can develop strategies to make debt collection processes more precise, flexible and aligned to customer´s needs. One way, for example, is to unify interactions on a unique interface. Antoher method is to consider the vast amount of information available.
Automation doesn´t quarrel with customized customer care
Voice technology has evolved extraordinarily in recent years. Processes that once seemed annoying to some customers are currently perceived as much more friendly. This is mainly because of humanization of technology, its customization capabilities and automation.
Virtual agents, such as Collections Virtual Agent by Enghouse Interactive, play a decisive role in improving debt recovery results. This solution, when integrated either stand-alone or with an existing contact center platform, can definitely make a difference. Virtual Collections Agent also allows development of campaigns with specific strategies for every debt profile. Furthermore, It refuels other campaigns based in results obtained through natural, friendly and customized conversations.
It is imperative that technology provides self-service, so that organizations keep their customers proactively informed. Consequently, companies can guarantee a unique 24/7 experience, anywhere, through the customer´s preferred contact channel and with no need of human intervention.
Aberdeen Group predicts that companies using self-service have an 85% increase in customer retention rates
All the above-mentioned strategies and solutions are crucial when assuring the purpose of an effective debt collection´s procedure: maximization of debt recovered and minimization of costs associated with its management.
There are 5 quick benefits you get with the optimization of collections management software in the Contact Center. Want to know which ones? Download the document.