It’s interesting how the collections industry has evolved over the years. In the past, customer experience wasn’t really a priority, but with the shift to customer focus and centricity, as well as new credit models CX has become a key differentiator in the industry.
Creditors today are focused on creating a comfortable and satisfactory experience for customers, especially with the emergence of new players like BNPL providers who are dramatically influencing the debt CX.
To meet higher customer expectations and provide delight, digital collections strategies have become increasingly popular, and they’ve shown to add value to both creditors and customers.
At Firstsource, we’re using a mix of tech tools like artificial intelligence (AI), machine learning (ML) and analytics, along with a human interface, to create a debt collection process that’s both efficient and empathetic. We’re constantly adding new features to improve efficiency and enhance the overall customer experience. Our goal has always been to not only help our clients recover what they’re owed, but also make sure their customers feel understood and supported along the way.
Some of the interesting aspects of our Digital Collections platform include:
- Engaging customers using a webchat channel – allowing for convenience and access to the platform anywhere, anytime. This is also ensuring reduced waiting times since associates can handle multiple conversations simultaneously.
- Allowing customers to use popular digital wallet services like Apple Pay and GooglePay to make their payments. This gives customers flexibility and choice when it comes to repaying their debts rather than having to go through a lengthy and complicated payment process.
- With our platform, customers can easily keep track of their debt, view payment reminders, and make payments securely and conveniently through their mobile devices. Moreover, our platform is accessible through multiple existing mobile payment apps.
- Given the cost-of-living crisis in the UK, we have created modules for managing expenses that use strategies based on disposable income to assist customers who are either struggling to make payments or experiencing financial difficulties.
- We are utilizing AI and ML to examine past customer communications with the goal of determining the most effective template, channel, and time for encouraging payment. Additionally, we are analyzing customer data to identify preferences and customize communication channels accordingly.
- We have incorporated CFPB and Reg-F systems and procedures into Telephony Service Providers (TSPs) to ensure compliance with federal regulations concerning telemarketing and debt collection practices. By doing so, we demonstrate our dedication to consumer protection and compliance with these regulations.
- We extend RESTful APIs and webhooks to clients as part of the platform integration ecosystem. This enables real-time actionable insights about debts, such as outstanding balances, payment history, and delinquent accounts. The data can be used to create customized workflows and automation tools that aid efficiency and swift debt collection.
Today, the adage “customer is king” holds truer than ever, encompassing all customers, including those with delinquent accounts. Leveraging technology to reach them and help them resolve their debt is how we drive our Collections business.
While technology has been instrumental in our work, Firstsource’s distinctive culture also empowers us to be enterprising and utilize innovative technologies to build the future.
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