What is Debt Collection Technology?

What is Debt Collection Technology? 

Debt collection technology is crucial to the advancement of debt recovery - it is utilising new technology to make debt collection as seamless as possible and take debt collection to the next level.

In order to keep up with current technology and methods for debt collection, utilising the right tech is essential. Not only are methods such as phone calls, letters and emails outdated but deliver poor success rates and alienate customers but they’re also not nearly as effective or as frictionless for getting customers to engage and discuss their outstanding payments and 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:

• Sets up engagement for success with collections companies and agents not working against customers but working with them
  
  
• Facilities warmer relationships between lenders and customers
  
  
• Offers customers the ability of self-service and 24/7 convenience 
  
  
• Facilitates engagement with lenders when customers are ready and gives customers a little more control
  
  
• Relies on digital channels where customers are easily reachable 
  
  
• AI maximises recovery rates and improves agent performance with machine learning, NLU, sentiment analysis, hyper-personalisation
  
  
• Expanding capabilities with virtual agents / AI chatbots and helping customers navigate repayment conversations by reducing some of the stress and embarrassment
  
  
• Predicting customer behaviours and knowing the right things to say and when to say them
  
  
• Increases customer loyalty through better customer experiences
  
  
• Facilities warmer relationships between lenders and customers
  
  
• And lots more

Technology has proven to be a game-changer 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. It is time to embrace the new. 

This is where Webio, digital debt collection customer engagement specialists can help.