Benefits of a seamless, digital approach to debt collection
With a preference for omnichannel communication, today’s customers are more likely to respond to a digital debt collection approach.
Current approach is outdated
Traditional agencies rely on call centre agents that come with many points of friction, such as calling customers who may not answer or who may have a new number. An omnichannel solution can complement a traditional approach by addressing many industry issues and shortcomings, both from an engagement and compliance perspective, as well as fitting with the expectations of today’s customers.
Why digital-first?
Digital-first collections provide greater engagement with customers as you can see when they open emails or visit websites in real-time. This leads to a better understanding of their needs and as a result, solutions can be provided that are tailored to their needs.
While chasing customers about their overdue accounts is part of running a business, it isn’t core to an organisation’s operations, and in some cases, can distract from focusing on core business plans. This is why debt collection is often outsourced to an agency. But with the need to focus more on customers, it’s important to partner with the right debt collection specialist.
Choosing a debt collection agency that prioritises digital engagement also provides benefits from a compliance perspective, as regulatory requirements are built into the system. If customers feel harassed by a debt collector, they’re less likely to pay their account and more likely to leave negative reviews about their treatment on social media or via word-of-mouth. In the long-term, this can result in damages to your reputation and even legal complications.
How Collect puts digital-first engagement front and centre
At InDebted, we work in partnership with organisations to deliver a positive experience to their customers, taking care of all aspects associated with collections, including compliance, so businesses can focus on what they do best. This is carried out by our intelligent debt collection product, Collect.
As a digital-first and customer-centric collections agency, rather than attempting to contact customers via outbound phone calls, we communicate with customers in the way they want to be communicated to – usually via email or text. Collect enables customers to self-serve so they can resolve their account digitally, including setting up their payment plan and managing their account. This leads to happier customers who have a more favourable view of the organisation they have the original outstanding account with. However if the customer prefers to speak with someone directly over the phone, our specialist Customer Service team is available.
Collect uses machine learning models to create personalised experiences for every single customer. Using the experience of real customers in debt, Collect is able to tailor each aspect of communications to ensure that individuals are empowered to take action on their account. For example, if Collect recognises that a customer prefers to be contacted by email and tends to open them first thing in the morning, then it ensures the customer is sent emails, and at the time they’re most likely to engage.
While all businesses want to put their customers first, sometimes it’s best to outsource certain practices to the specialists. When it comes to debt collection, an intelligent agency such as InDebted, focuses on delivering a positive customer experience to every customer, so they benefit from a stress-free process while your business benefits from satisfied customers and increased recoveries.
Speak with salesJoin our newsletter for the latest collections insights
Thank you for subscribing!
Join our newsletter for the latest collections insights
Thank you for subscribing!
Share
Other resources
5 reasons why leading subscription businesses partner with InDebted
InDebted is the trusted solution with five-star reviews, industry-leading performance, flexible payments, self-serve and personalisation that keeps your subscribers happy.The revenue impact of failed subscription payments — and how to recover it
The hidden costs of unpaid subscriptions may be doing more damage to your subscription business than you think.Stop losing subscribers: the proven revenue recovery strategy that turns churn into retention
Involuntary churn is costing subscription businesses loyal customers and revenue. Recover missed payments and reduce churn with an alternative approach.Your RFP template for selecting an innovative debt collection agency
Include these 6 criteria (recommended by industry experts) into your next RFP for a debt collection agency.