The recent economic decline resulted in a wave of customers who suddenly find themselves behind payments, entering collections.
Yet, amidst a global recovery that is currently taking place, research by FICO showed that “customers who entered collections exclusively as a result of an economic downturn before going through the full debt recovery cycle had a dramatically different return to financial good of nine months.” The same research mentioned that typical collections customers took 2.5 years. Taking this insight into consideration, implementing the right collections strategies that enable seamless, flexible, and intuitive transactions for their customers has now become vital.
Using Technology to Yield Satisfactory Debt Collection Results
Digital transformation in collections continues to present more opportunities to creditors that want to support collections customers better. As interactions become more customer-centric, leveraging the use of data, analytics, and insights has become necessary to support highly vulnerable customers who are on the road to financial recovery.
For example, customer segmentation capabilities through AI-based analytics platforms can make way for creditors to make better, targeted, and customer-centric decisions. The proper and smart use of applied analytics, data, and insights can aid debt collectors apply the right solutions, as well as discover patterns, detect irregularities, and divide collections customers based on their propensity to pay. AI-trained voice bots, chatbots, and voice assistants are simplifying debt collection – given how debt collection can be a sensitive subject to most, the use of such technologies often creates an impartial environment where collections customers don’t feel embarrassed nor judged.
Meet TP Collect to Optimize Collections Strategies
As a global leader in digitally integrated business services, Teleperformance continues to provide collections programs and solutions that help clients improve processes, manage risks, reduce expenses, and elevate CX in a highly changing financial environment.
Teleperformance offers a vast range of interaction channels that allows companies to reach their customers better. For years, innovation drives us forward – and in the collections space, we continue to leverage the latest and emerging technologies to streamline collections processes. To help our clients increase collection rates and optimize debt collections strategies and resources, we utilize data analytics and predictive modeling through the TP Collect platform.
TP Collect is an AI-based analytics platform that provides propensity-to-pay and omnichannel, segmentation-based collections models and strategies. It drives cost reduction and increase in revenue by embracing the preferred contact methods of collections customers based on customer segmentation. The platform also helps companies optimize operations by:
- Increasing First Contact Resolution by offering intuitive self-service options
- Utilizing AI and machine learning to enable cost and process efficiency
- Customizes contact strategies through intelligent, predictive models
- Allowing more methods of contact, reaching customers through SMS, email, voice bots, or messenger apps
- Improving the customer experience, as a result of customer-centric and personalized collections solutions
Find out more about our digital transformation in collections and elevate CX in a highly competitive collections landscape. Download our white paper here and learn more about Teleperformance’s collections services and capabilities!