It’s time to hang up on outbound debt collections calls, once and for all.
The overwhelming majority of Americans do not answer calls from unidentified numbers. The calls traditional models are grossly inefficient as a result.
On those occasions that outbound calls reach their intended recipient, and a conversation takes place, the rules around what can and can’t be communicated by agents are increasingly limited. Compliance with those rules is a must and the risk of breaching the regulations – whether through a miss-step or intentionally – is real with each and every call made.
Throw into the equation the impact on the morale of the people who, day-in-day-out, are tasked with making calls that are ignored, based on out of date or incorrect information, or every so often answered by agitated, stressed individuals, and it’s clear that there must be a better way of doing things.
It’s time to rethink Collections
The pandemic has put our industry in the path of a tsunami of debt delinquency while creditors are simultaneously under increased pressure to get debts repaid faster and more efficiently.
In our latest whitepaper, Collections of the Future, we’ve partnered with Everest Group to explore the critical factors that impact debt collection—size and age of debt, borrower profile and lender type – and identify a new model to ensure that your debt collection process is fit for purpose, now and in the future.
We look at how the right digital levers—analytics, automation, artificial intelligence (AI) and machine learning (ML) —can be used to streamline operations, strengthen segmentation and build on your existing knowledge. We share tips on how to create more dynamic and agile collection strategies that deliver the right mix of channels for each customer.
Critically, we also look at the major role that empathy plays in shaping the implementation of these digital tools and processes, and the tone through which customer interactions are delivered.
Adopting these tools provides a more engaging and empowering self-service facility for customers, delivered at the right time and in the right place. It encourages your customers to take an active role in shaping their own repayment solutions, so they feel more in control and less threatened.
And at the same time, it frees up your employees from the most stressful parts of their roles, while ensuring that they’re only a click or call away for customers who actively want help. Your organization saves time and money, recoups more debt, remains compliant and protects its reputation.
If that sounds like something your organization needs to explore, you can download the full whitepaper here. If you‘d like to discuss how Firstsource can help transform the effectiveness of your debt collection processes, don’t hesitate to get in touch.