Debt Collection and Outbound Customer Contact Strategy

Category
Application Development
Author
Rupesh Kumar

Everyone is living under debt in today’s era so collecting the outstanding debt and making the profit has been a real pain in neck of the debt collecting agencies.

Challenge of Debt Collection Industry

  • Evolving Compliance Regulations.
  • Technique and process used by agencies.
  • Agent relationship, follow up for regular reminder.
  • Customer credit history, rate of willingness to pay, supported payment options and income.
  • Real-time payment options for customers.

In order to boost the debt collection, agencies have to apply a number of procedures, not only to collect the debt but give a customer satisfaction as well.

Customer Outbound Contract Strategy

Making contact and remind to the borrower about debt every time or a regular interval of time along with maintaining the customer trust and comfort is a big pain area for collecting agency and leads towards a huge investment to contact to end customer to inclined him to make a systematic regular payment.

Following are some main methodologies used for customer contact to collect the regular payment:

  • Customer contact via Phone/dialler
  • Sending Letters
  • SMS Digital System
  • Email

How to Increase Customer Contact

Repeated call is an unpleasant customer experience and contacting through letters is again an expensive and cumbersome process so working with traditional way is no longer an option and providing a digital platform has become a necessity to make the industry sustainable and profitable.

So customer contact can be increased by modern digital system in following ways:

  • Robust support to outbound customer contact with help of digital system.
  • Enhance SMS and EMAIL campaigns to increase the debt collection.
  • Promoting the SMS and Email campaign to reduce the cost over Letter contact strategy.
  • Client service steam can easily add, edit campaigns text using web interface.
  • Multiple campaigns for different targeted audience can be stared at same time.
  • Operation team can track the customer emails in web dashboard and respond via email or contact via phone.

Benefits of Digital Outbound Contact Strategy

Optimising a more customer-centric process using technologies can give following benefits to any debt collectors:

  • Easy way of reminder for customer about payment.
  • Cost and efficiency savings by automated SMS and Email campaigns.
  • Faster, more efficient resolution of customer issues.
  • Reduce the customer contact time and letter printing, dispatching cost.
  • More debt collection by promoting customer for digital payment.

JKT Bespoke Digital Solution

Using Microsoft technologies mainly (.Net, Web API SQL server) with distributed architecture JK Technosoft has experience in developing and supporting the bespoke SMS and Email campaign solution. In order to provide a customised solution we have a technical and domain expertise team with some readymade framework accelerators.

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