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 “borrowers 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.”
Taking this insight into consideration, implementing the right collections strategies powered by digital business services that enable seamless, flexible, and intuitive transactions has now become vital.
Using Digital Technology to Yield Satisfactory Debt Collection Results
Digital transformation continues to present more opportunities to creditors. As interactions become more customer-centric, leveraging the use of data, analytics, and insights has become necessary to offer support to those on the road to financial recovery.
For example, segmentation capabilities through AI-based analytics platforms can make way for creditors to make better, targeted, and 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 borrowers 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 borrowers don’t feel embarrassed nor judged.
Meet TP Collect to Optimize Collections Strategies
As a global digital business services company, Teleperformance combines the most advanced solutions with data analytics and disciplined processes to help companies transform and run better. In the collections space, we continue to leverage our expertise in digital business services 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 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 through SMS, email, voice bots, or messenger apps
- Better engagement and interactions, as a result of personalized collections solutions