It’s Time to Rethink Your Collection Strategy

Collection contact centers continue to face a number of ongoing challenges including increasing global competition, changing channel preferences, and evolving regulatory and legal requirements, just to name a few.

Added to these are the new challenges brought about by COVID-19 and the additional demands of supporting a remote workforce, providing consistent and exceptional customer service, and addressing business continuity concerns. To address both new and ongoing needs, collection contact centers must rethink their current collection strategy and rely on technology more than ever before.

Many companies are embracing cloud-based technologies to provide an infrastructure that supports an at-home workforce and increases efficiencies, boosts recovery rates, optimizes resources, and improves customer experiences.

Here are some of the strategies and technologies that successful collections organizations are using now to solve today’s business problems.

•  Boosting Productivity and Revenue with Omnichannel and Predictive Analytics

It is no surprise that the current climate has made it even more difficult for people to afford to make payments. Omnichannel and predictive analytics technologies help collectors adjust to these circumstances.

Omnichannel contact centers put the right information in front of collectors at the right time. Interactions from all channels can be entered into a universal queue for the most efficient handling. Multi-session capabilities enable collectors to have more than one conversation in process at the same time, to boost productivity and service.

AI-driven predictive analytics creates optimal contact schedules, including the best channel and time to contact. The results are higher productivity, more connect time and RPCs, and increased revenue.

•  Doing More with Less Resources through Proactive Messaging and Workforce Management 

The coronavirus pandemic has made keeping up with volume spikes and changing customer expectations even more difficult, as collection contact centers have had to transition to an at-home workforce, and in many cases, adjust to a reduction in resources. Proactive messaging and workforce management can help.

As inbound call volumes and customer uncertainty reach new heights, it is critically important to communicate with collectors and customers. In-queue messages are a great way to deliver information while helping to manage hold times. Proactive outbound messaging can also help push important information to customers. Everyone appreciates being informed. Use all channels to let your customers know what to expect and what you are doing to improve service during this time of crisis.

Use workforce management (WFM) to take the guesswork out of scheduling by automating the process of balancing business demands, staff requirements and service level expectations. WFM allows you to quickly adjust forecasts for new contact patterns, so you can schedule the right resources to ensure proper staffing and reduce intraday adjustments.

•  Track, Analyze and Reward Collector Behavior with Speech Analytics and Gamification 

Speech analytics automatically tracks and analyzes interactions to mine useful information that will help improve the customer experience. Post-call analytics identifies best practices and gaps for training and coaching opportunities. Real-time speech analytics provides instant feedback to collectors during the interaction to achieve a desired result, adhere with compliance guidelines, or get a call back on course.

Gamification (applying game mechanics to learning) drives desired agent behaviors, provides ongoing feedback, and rewards collectors for reaching their goals. Gamification motivates and engages collectors and helps keep them connected with other team members and aligned to business goals, even when they are working from home. This engagement leads to better call efficiency, improved retention, reduced costs, and ultimately higher collection rates and revenue.

Collection Firms Can Survive and Thrive with the Right Strategy and Technology

By rethinking your collection strategy and using the right technology to improve efficiencies, reduce costs, increase revenue, and deliver extraordinary customer experiences, collection companies can continue to flourish. To learn more about collection strategies and tools for success in the age of the novel coronavirus, watch our webinar, “Collections After COVID.”

Watch the Webinar-on-demand: Collections After COVID