There’s no doubt, all businesses want their debt collections agency to recover as much overdue money as possible. But agencies that offer a digital-first, customer-focussed approach can also support a business’s growth plans. The key? Digital-first

Today’s customers expect organisations to interact with them digitally, found by McKinsey. Fintech and BNPL customers have opted for a full end-to-end digital journey, so in this space a digital collections experience is absolutely expected.

Respect for customers

Customer acquisition is a top priority for fintechs and BNPLs. Selecting the right collections agency that treats customers with respect is paramount to this. Partner with an agency that delivers personalised and supportive communications, that empower customers to regain control of their finances.

Our approach delivered by Collect (our intelligent collections product) is data-driven and omnichannel. Collect personalises every single communication customers receive, using machine learning models. These allow us to tailor the collections experience, right down to the detail of the best time for an email to land in a specific customer’s inbox. Maximising every touchpoint in this way results in a better recovery performance, as when compared to a traditional model InDebted outperformed by 40%.

A digital-first agency can also help businesses avoid online backlash left by unhappy customers. This is a common scenario, as customers referred to any debt collection agency rarely separate their experience with a collector, from their experience with the original lender. Ultimately, this can have a damaging effect on your reputation. To mitigate this, work with a partner who provides positive experiences that support customers on their journey back to financial fitness, so that customers are more likely to stay loyal, reducing churn and increasing satisfaction.

Confidence around compliance

With the focus on growing as quickly as possible, often into areas where compliance processes differ between jurisdictions, compliance can be complex and time consuming for fintechs. While it can be difficult to keep up with changing regulations, ensuring customer communications are compliant is a critical part of business.

Our intelligent debt collection product has built-in and automated compliance measures that cover all global markets to deal with all issues around process and people risks, eliminating any compliance concerns. And being digital end-to-end, our product easily and flexibly scales in line with any growth requirements.

A partnership that supports growth

While the technology benefits a digital-first agency offers are important, so is the relationship. Find an agency that takes a partnership-led approach that goes beyond simple onboarding to actually support your business goals.

Choose an agency where the working arrangement is simple but effective, to ensure your business can stay focussed on what’s core to them. To further support, we share our insights with clients, gained from having a high number of fintechs and BNPLs as clients, to help inform growth strategies, including benchmarking against peers.

Fintechs and BNPLs operate in a very competitive space and with their eye on growth, collections practices can often be neglected. But partnering with an intelligent debt collections agency, such as InDebted, ensures these businesses not only benefit from a greater number of recoveries, but they can stay focused on their growth ambitions, confident their customers are being looked after.