Debt Collection Agency – Scale-up using Digital Transformation & Voice AI

Debt Collection business is being transformed today and is at the Cusp of being automated with advances in Voice AI and Machine learning.  The efficiencies and speed at which Collection agencies are now able to operate are driven by the use of Unified Communication and Mobile CRM technologies.

While Dialers increase the speed of outreach which is now being replaced by Omni Channel outreach (Social Media, Chat and SMS).  The use of Mobile Devices allows workforce on the field access to actionable information which is useful for them to achieve first call resolution. CRM automates the collection workflow bringing in unparalleled efficiencies for business owners.  Realtime insights from the field and better staff monitoring helps Debt Collection agencies scale up digitally and profitably

Challenges for Debt Collection Agencies

• Manual Dialing for setting an appointment is slow
• Attrition rates are high leading to retraining costs
• Customer Prioritization based on the fancy of Collection Agents
• A large amount of Data Synchronization and Reporting run on Excels
• Follow-ups are not done timely leading to missed opportunities
• Banks require Security and confidentiality
• Managing Mobile Workforce on the street is cumbersome
• Lack of proper Knowledgebase to track habitual defaulters

 Solutions:

• Automated Dialers
• Interaction Capture and Quality monitoring solution
• Intelligent Outreach based on amount and profile of customer-driven by CRM
• Seamless Integration using Cloud based API
• Mobile App has driven task and follow-up management
• Encrypted Data with a role-based view
• Workforce Management and scheduling tools
• Knowledgebase with Reports and Dashboard

Dialer for Contact Center Agents

• Reach 400% more contacts per hour with the Predictive Dialer.

• Follow-up with unavailable debtors with an SMS text message.

• Maintain compliance with the Fair Debt Collection Practices Act with call scheduling and retry limits.

• Drop a pre-recorded voicemail for answering machines.

• Stay up to speed on agent activities with daily reports and analytics.

Field Staff Mobile App CRM

1. Create a preset workflow to reduce human error
2. Use advanced analytics for routing the service request
3. Empower & increase the productivity of field staff.
4. Have real-time insights on-field staff activities.
5. Task management, scheduling, reporting, maintaining follow-ups, unified communication. 6. Increase and accelerate conversion rate.