Self-service portals are an empowering way to get consumers back on track. In fact, research from McKinsey found that consumers who digitally self-serve resolve their debts at higher rates and are significantly more likely to pay in full. Just take into consideration that surveys have found that four in 10 have used an online portal supplied by a financial institution for bill pay, while only a quarter have paid by phone, mailing a check, or in person.
But along with helping your bottom line, consumers just prefer these kinds of self-serve methods for payments.
Let’s dive even deeper into consumer behavior and preferences when it comes to handling payments and account management via self-service—and why organizations cannot ignore the numbers.
Self-Serve Preferences by the Numbers
The numbers don’t lie—more consumers want and use self-serve online portals for bill pay:
- 60% of consumers prefer self-service options
- 54% of surveyed consumers have used an online portal supplied by a biller
- 47% prefer self-serve portals because of the convenience and flexibility
And businesses cannot afford to ignore these preferences:
- 81% of customers want more self-serve options
- 14% of bill-payers who prioritize at least one bill over others identified the ease of making payments as a key factor in that decision-making process
- According to one study performed by McKinsey, a bank saw a 15% increase of cured accounts after implementing a self-service option
- 70% of customers expect a company’s website to include a self-service application
Despite this data, a 2023 Transunion report shows that 64% of collections agencies don’t have self-serve capabilities, and simply increasing customer calling won’t improve contact and recovery rates.
But don’t worry—TrueAccord’s self-serve portal has proven to be a win for both businesses and their customers, with 98% of delinquent consumers serviced by TrueAccord resolving their debt without any human interaction.
TrueAccord’s Machine Learning Engine Powers a Better, Compliant Self-Serve Experience
At TrueAccord, we know that every consumer’s delinquency situation is unique and so are their repayment and engagement preferences. So from our initial outreach, we tailor our consumer communications using our patented machine learning engine, HeartBeat, to determine the right message, right channel, and right time to engage.
HeartBeat uses a machine learning model that looks at account properties and chooses a communication (written by experienced debt collection content creators) based on previous interactions with consumers that have similar characteristics.
This is important since studies show that 53% of consumers expect their financial provider to leverage the data they have about them to personalize their experience. From messaging that resonates to flexible payment options within our self-serve portal, TrueAccord uses advanced machine learning to drive the optimal engagement and repayment rates while working within both our client’s guidelines and regulatory requirements.
Our self-serve portal meets collections compliance rules while also meeting a consumer preference at the same time. When asked why they pay bills online, three in 10 survey respondents said they like the flexibility to pay whenever and wherever they want—a convenience traditional call-and-collect methods cannot extend to consumers due to FDCPA’s “Inconvenient Times” rule under Regulation F. The “Inconvenient Times” rule prohibits calls to consumers before 8 a.m. or after 9 p.m. in the consumer’s local time zone, because calls made during those times are presumed inconvenient. But self-serve options put the power in the consumer’s hand 24/7. At TrueAccord, 29% of online payments are made outside of traditional FDCPA hours.
By following all compliance regulations and your business’s guidelines, our consumer outreach aims to drive the most engagement and commitment to repayment through the self-serve portal.
What Consumers Have to Say About TrueAccord’s Self-Serve Portal
We’ve looked at a lot of statistics supporting consumers’ preference for self-serve options, but let’s hear from real consumers that have used TrueAccord’s portal:
- “This was a great experience for me. The portal was so easy to operate quickly and easily. Thank you.”
- “Easiest to work with, never had to speak with a representative, was able to fully manage and pay off the account via their online portal.”
“I appreciated the zero harassment, easy portal interface. I have been stressed about this for a while, hardship came up, but you made it easy and less stressful to take care of.”
- “Thank you for being patient and for having a portal that makes it easy to make the payment without filling out a bunch of stuff and having to make an account.”
- “I appreciate you notifying me via email and having a great online payment portal. It made the process really easy.”
And put quite simply, our consumers “love this online payment portal.”
Want to take a peek at TrueAccord’s Self-Serve Portal? Download our free eBook for more details and a visual walkthrough of the consumer experience when using our portal here»»
Ready to see a demo in action and learn more about all of TrueAccord’s omnichannel, machine-learning powered collections? Schedule a consultation today»»
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