Automation and digitization offer new tools for the collection strategist, augmenting the traditional building blocks. These new tools, introducing flexibility and sophistication that are usually attributed to other parts of the business, can mitigate common pitfalls.
In this series, adapted from our free eBook Automating Debt Collection 101, we’ll review the three major areas where automation and digitization can boost a collection strategy:
- Early contacts and improved segmentation
- Persistent communication
- Improved customer satisfaction
In this last part, we’ll focus on improving customer satisfaction with automation.
The daily grind of agents talking to customers in difficult situations coupled with tight regulation is complicated to control. While talking points and call scripts are used, it’s impossible to control what actually happens in a call in real time, and no amount of QA can solve that.
When debt collection is automated, many of these problems are mitigated: machines aren’t baited or biased by angry customers, and maintaining code-controlled compliance is much easier than controlling hundreds and thousands of human agents. Machine based communication is pre-written, with no way to deviate, and every action is properly logged to offer incredibly auditability. The system stays on brand, and delivers a consistent experience to all customers based on pre-set requirements. When something changes in regulation, propagating the change via code is significantly easier than retraining hundreds of agents.
A great experience has other benefits. Finding the way to get late customers to work with you again also increases Life Time Value and increases revenues in the long run. Some of TrueAccord’s customers see more than $2 in added business from paid-up debtors for every $1 recovered. Providing a flexible service improves recovery, contributed to Net Promoter Score, and even reduces your legal risk and number of complaints.
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