|
Collections Operation Optimization
As volumes in collections increase or the demographics shift, customer contact and treatment options need to evolve to meet the challenge. Whether the goal is to collect more dollars with fewer resources or to meet new higher goals with the same resources, there is a need to identify innovative technology to improve operations:
- Optimize treatments and call strategy management – provide the best account level decisions in accordance with your own business strategies and resource constraints
- Focus collection efforts on accounts with the highest probability of obtaining a payment or promise to pay as opposed to focusing on high-risk account segments
- Apply treatments at the account level as opposed to applying specific treatments across broad risk-based segments
- Test and implement new strategies in minimal time as opposed to months or even years
- Automate for strict policy and regulatory compliance as opposed to manual, inconsistent monitoring
- Automate for increased operational efficiency and agility
- Ensure consistency and precision with every customer interaction – make better, quicker account level decisions, improve customer relationships including retention
- Increase the effectiveness, productivity and control costs of agent resources
Increase the effectiveness of your agent resources – sometimes the best contact is no contact at all
Within your collections portfolio there are accounts that will self-cure without actions from collections, and those that, despite your best efforts, will never cure. Not contacting a customer in early stage delinquency, one that habitually pays late or one that will self-cure saves agent resources and minimizes irritation for your customer.
Proactive identification of accounts that will never cure for routing to outside collection agencies eliminates your agents' wasted collection attempts.
Automation for increased operational agility, policy and regulatory compliance
Many of the functions of the call center have traditionally been manually managed. This requires spending a large block of time, from startup in the morning, through intra-day event handling and finally into closing out and reporting in the evening. Time spent on these daily tactics takes away from time spent on improving, testing and implementing new strategies; the manual component also leaves room for error.
With automation you can minimize the daily tactics by centralizing dialers and call centers for list strategy management, policy and regulatory compliance management, and intraday event handling. This results in a decrease in the risk of breaching policies or failing audits from one center to another. Additionally, automation can balance workloads across multiple centers, leading to more efficient use of your agent resources.
With every action or contact you take, think customer satisfaction and retentionWith every action or every customer contact, there is the opportunity to collect a payment or to receive a promise-to-pay, and you want to be there when your customer makes the decision of which bill they are going to pay first. However, you always run the risk of offending a customer with a mistimed communication or with an action that fails to resonate.
There are a lot of reasons that customer accounts enter collections. Some customers may never pay their bill, resulting in charge offs. Others may have merely forgotten to pay the bill, have multiple relations with your company and have a high future value. So how do you recognize the differences and more importantly, how do you react?
So which customers will respond to a call – even pay a late fee with no complaint? Which customers will respond to a letter or email rather then an agent call? Or, which customers will be available and ready to make a promise to pay at 2:00 or 4:00? If you are using traditional methods of segmenting, prioritizing, and using rules based strategies across groups, these questions may be impossible to answer.
By taking advantage of the scientific accuracy and repeatability that predictive analytics offers, you can achieve a whole new level of customer satisfaction, retention, agent productivity and bottom line results. By assessing value and behavior at the customer level, methods of contact and treatments are focused with pin-point accuracy, decreasing roll rates, and maximizing collections.
Collections customers are calling into self-service – knowing who to respond to
You do everything you can to reach delinquent accounts, including encouraging them through voice messages and letters to call you and pay their overdue accounts. And when they call in you want to ensure that your highest valued customers are serviced first.
Predictive analytics allows you to determine those accounts that will pay in self-service, those customers who will need agent interaction to pay and those who simply want to talk to the agent to have fees or other changes made to their accounts. Today's technology allows you to route these inbound calls based on predictive value and behavior – driving high valued customers who require interaction immediately to agents, increasing customer satisfaction and loyalty.
Change is inevitable – How quickly can you react?
The pressures to adapt to change in the environment are inevitable. But call centers can increase their agility by automating and adding predictive analytic technology.
Austin Logistics offers the following software products for your collections operations:
ActionSelect is a predictive analytic software that determines the likelihood a customer will respond to any given action or combination of actions (call, letter, email, etc.). By using optimization algorithms, ActionSelect assigns actions to each customer based on the portfolio strategy that best satisfies user-defined business objectives and resource constraints.
CallTech™ is patented predictive analytic software that maximizes dollars collected or sales per agent hour by reaching more eligible buyers when they are available and willing to make a payment or promise to pay.
OnQ™ is a patent pending list management solution that manages single or multiple dialers, automating and centralizing campaign and policy management – adding power and flexibility to your proprietary dialing systems.
Valeo™ is patented predictive analytic software that enhances customer value by adding real-time predictive intelligence, value driven queuing and dynamic resequencing to your existing pre-agent routing systems.
Interested in hearing more?
Contact Austin Logistics for more information.
|
|
