Debt collection technology is an indisposable part of the debt recovery process. It is using technology to make debt collection as hassle-free and successful as possible while benefiting both the customer and the business.
Not only are methods such as phone calls and letters outdated, they deliver poor success rates and alienate customers. And they’re also not particularly effective for getting customers to engage and discuss their outstanding payments or structure their payment plans.
Debt collection technology works with the customer, not against them.
Here is how technology as a tool can assist debt collections:
- AI boosts recovery rates and improves agent performance with intent recognition, entity gathering and hyper-personalisation
- Facilities warmer relationships between lenders and customers
- Offers customers self-service and 24/7 convenience
- Enables engagement when customers are ready and gives customers more control of their debt
- Maximises on digital channels where customers are easily reachable
- AI chatbots and AI co-pilots help customers navigate repayment conversations by reducing some of the stress and embarrassment
- Predicts customer behaviours and knows the right things to say and when to say them
- Increases customer loyalty through better customer experiences
Technology has proven to swing performance around and gives the industry the chance to reform and shake that negative image and ultimately increase collection rates and efficiency alongside customer satisfaction.
There is barely an industry that has not been disrupted by technology and the collections industry is no exception.
More about Debt Collection Technology
What is Debt Collection Technology?
