Debt collection has been undergoing some serious changes recently, moving from traditional phone and snail mail to some really innovative Fintech, catapulting the industry forward.
This transformation can be seen not only in the way debts are collected, but in the relationships that in-debt customers now have with banks, credit companies and authorities. The experience of the “customer” has been placed at the centre, they are no longer just a debtor.
Here are some of the latest trends to watch:
Customer-centric and omnichannel engagement
A recent algorithm-driven collections process uses behavioural analytics and machine learning to build a profile of the customer in order to decide which would be the best course of action to take, in order to collect a debt.
Others are working on a platform that integrates social media and other web integrations to identify the person who owes debt and tailor the response.
Our colleagues in the UK have recently worked with a utility company to tailor an award- winning intelligent multichannel solution that has increased small balance final debt collection from 4% to 19%.
Real-time speech analytics
Just as voice analytics has helped companies identify and react to customer problems more quickly, debt collection agencies can also benefit from real-time speech analytics.
Advanced language recognition programs can be used to track keywords during phone conversations as well as identify emotions of debtors and collection agents to create triggers. Expletives or long silences would trigger a signal to prompt a supervisor to take on the call or offer additional help to the collection agent.
Virtual collections agents like Zoey who are always warm and friendly, and can tirelessly smooth-talk debtors into payment are becoming more popular. They speak multiple languages and will weigh-up debtors’ credit scores when negotiating payments.
Most of all, Virtual assistants like Zoey help to take away the shame element of being in debt and make it easier for the customer to commit to a realistic payment plan avoiding the embarrassment of speaking to a real person.
If you would like to change the way you collect your debt and want to discuss your options, feel free to give us a call at 1300 764 946.