What is Debt Collection Software?

What is Debt Collection Software? 

Debt collection software is used for the automation of various processes involved in debt recovery. This business process automation streamlines many of the elements of the debt collection process removing friction to allow more effective and efficient collection efforts to be achieved.
 
Why do you need debt collection software and how does it impact customer engagement?
 

Improve Customer Experience and Collect Payments Faster

Connecting and engaging in their channel at the right time using the right tone improves how customers view your business and determine the probability of a successful outcome. By adding all the elements that deliver efficient and effective conversations like digital channels. automation, blended engagement, APIs and AI, you will transform how customers interact and collect more payments faster.
 

Focuses on Data-Driven Customer Engagement

Don’t let your data sit on the sidelines. Using real-time data to identify which path customers need to travel on. No need to waste time working in spreadsheets and working out which customers need to get what message when. From proactive reminders to an automated chase pattern the manual element is removed and customers are delivered the right message, at the right time with the right data.  Improve customer conversations by connecting systems via APIs to bring live data into every customer conversation.
 

Realise Efficiencies from Intelligent Automation

Bringing in the latest in automation technology, AI chatbots can manage partial or full conversations only getting live agents involved when needed. Automate payments, ID&V and I&E processes and let agents focus on higher-value conversations and allow agents to manage the more complex or specialised conversations. Manage collections campaigns with 80% fewer resources and have agents focus on higher-value conversations.
 

Reduce Operational Costs

Deliver increased efficiency and reduce costs compared to traditional methods and manual processes.
 

Achieves Better Customer Engagement and Collections Metrics

Improving RPC rates, reducing cost per £ collected, and reigniting conversations with 'unresponsive' DCA closed customers are some of the metrics that effective customer engagement positively impact.
 

Grows with the business

Good software will grow as the business grows and is flexible enough to adjust to changes in your processes.
  
 
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METRICS WE’VE ACHIEVED

52%
Uplift in Payment Arrangements
42%
Increase in Agent Productivity
57%
Decrease in Operational Costs
48%
Increase in Customer Engagement

YOUR DETAILS

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