Revisit Debtor Communication Options
The goal has not changed, get the debtor to cure their past due account. That may be the only thing that has not changed in the collection business. Different debtor views on their debt obligations, opportunities to speak to the debtor, collection compliance responsibilities, different debtor work hours, even land versus cell only telephone access have all greatly hindered current collection efforts.
Is it time for your institution to rethink debtor communication paths that have traditionally not been acceptable to your organization?
Can you meet your collection compliance obligations, can you achieve your primary goal (cure the debt) if your institution does not take full advantage of modern technology?
New Technology Offers Tremendous Debtor Communication Options
Technology remains on an accelerating changing rate. A few years ago, who would have thought that;
- You can ask your phone a question, it understands, researches, and tells you the answer?
- A pilot can press a button, and the airplane takes off, flies to its destination, and safely lands?
The “Robo-call” of yester-year, an automated telephone call that delivered a recorded message, is effectively gone.
Today, sophisticated outbound messaging options leverage contemporary technology to professionally blend your institutions messages with prerecorded debtor names, and dynamically merge debt information should you employ right party verification options; to quickly deliver a powerful message to your debtor. Your instruction can leverage cost-effective technology to meet your collection compliance pressure while honoring your time honored service culture.
At the touch of a button on their phone, your debtor can also transfer the call to your staff, without the need of sophisticated or expense telephone technology in your institution. If a debtor can call your collector today, this transfer will work. It is required for certain automated compliance calls, while giving debtors the choice to speak voice to voice “now”.
What percent of your customers no longer have a land line?
Free-To-End-User (FTEU) text messaging can reach the large and growing portion of your client base that do not have a land line, or who only respond to text messages (ignoring traditional debtor communication channels). Where a call to a land line, or a letter, go ignored; often a simple text can cure that debt. A powerful portal even allows your team to interactively communicate, via text, by typing text messages at their personal computer; facilitating two way debtor communications via texting.
Summary – Employ Current Technology to Boost Overall Results
Often, today’s credit professionals have an outdated understanding of modern voice message options and quality, and may not give their institution the most successful path in meeting collection compliance requirements, achieving collection goals, while balancing customer service mandates.
Developing a blended outbound messaging strategy, based on powerful contemporary technology, delivers stable collection compliance solutions, increases collector-to-debtor talk time, supplements your overall collection strategy, while respecting the rich service tradition in your institution.