Author: Jessie Hu
Creating an effective collections and recovery strategy
“Too many UK organisations have a collections and recovery strategy that is stuck in the pre-digital age… An effective collections and recovery strategy is fundamental to not only limiting losses but also retaining indebted customers, and to be truly effective that strategy must be personalised, real-time and mobile. ” (FICO)
We are happy to announce that our v5.7 release of Interact will deliver a fully automated digital Collections channel.
Why do debtors need digital contact?
75% of debtors are under the age of 45, and they are starting to demand digital contact for the following reasons:
- The digital channel is experienced as a low stress, less intrusive, and non-confrontational method when compared to traditional letters, calls and home visits.
- It can be accessed at any time of the day, all year long, which brings great convenience to the customer.
- It has the capacity to provide detailed information and to present all available options. Hence the customer can make an informed decision.
The benefits of PCI-compliant digital collections
In addition to the customer benefits, a fully PCI-compliant digital collections channel can bring a number of business values to an organization:
- A digital channel, combined with text and email, is a low cost workflow compared to the traditional methods.
- A reduction in low value debt write-offs, thereby freeing up contact staff to focus on more complex, higher value debts.
- Full digital audit & analytics reports to provide valuable insights.
- The ability to test & learn with different offer strategies.
- An easily scalable solution according to business needs.
A digital banking solution
Interact Collections can be deployed as a standalone responsive website or integrated into a wider Interact digital banking solution. A debtor will be able to review the status of overdue accounts, update contact information, calculate repayment affordability using the Budget Calculator, make a payment, set up a payment plan, make a promise to pay, or request a call back to discuss the debt.
If you wish to discuss how to take advantage of the new Interact Collections, please contact your account manager. Alternatively, contact Intelligent Environments on +44 (0)20 8614 9800.