Contact Center tools for debt recovery

To obtain the expected results of debt recovery, it is essential to count with the adequate resources and state-of-the-art technology to speed up operations. These are crucial factors that are required in any contact center nowadays. And especially for those who dedicate part of their business to debt recovery activity, or to the banking sector. It is necessary to add to the resources and technology of the contact center the effectiveness of the calls, since a contact reached through this mode can have up to 70% more effective than a letter when it comes to making the payment, for example.

From our experience, communications made via letter do not obtain the same result as those made by the phone. The most effective way to recover a debt, that a client has with us, is through the phone. This is because it is a direct form of claim, which provides us with various payment options, such as instant card payment. In addition, the pressure exerted by the agents of the contact center is greater than via letter, the time of the operation is shorter and the results are measurable in situ.

It should be noted that, after several studies, a substantial difference has been detected with respect to other countries of the European Union, where the effectiveness in recovering the debt is much greater in those due to cultural factors. Therefore, the technology and the set of tools a contact centers counts with is a very important aspect, since it the competitive advantage for them in order to achieve success and reduce these cultural differences.

As we all know, in order for a call to have more or less effectiveness depends on the agent and his way of negotiating with the client. However, it is possible to implement strategies which will give us effectiveness in these calls, such as:

o The making of automatic calls to reduce the waiting times of the agents.

o Reschedule calls to track customers’ debts.

o Implement a predictive dialer. Ideal for databases with low contactability.

Implementing different types of dialers is a strategy that can allow us to significantly increase the number of outgoing calls. Something highly desired by the recovery companies or companies form the banking sector. The dialer we implement will depend on the volume of calls and the needs of each company.

Debt Recovery – How to achieve it?

A reality within this sector is that it is really difficult to identify which of all the channels, SMS, email, calls or chat is the one that recovers bet the debts of the clients, or if it is a set of everything which generates a successful strategy in the recovery of debt portfolios. In addition to this we must add that the success of each channel depends very much on the segment to which the companies are targeting, as well as the failure rate within each channel.

In order to ensure a higher success rate, it is necessary to implement payment methods in each channel. For example, if we contact our debtor through SMS we should provide a link that takes them to a payment platform or if we make the contact via phone we should offer the possibility of making the payment through it. Being able thus to provide the debtor with payment options and facilities, since usually these are willing to pay, but often the companies do not provide them with the necessary tools to carry it out.

Even though the channels and tools can contribute and facilitate the debt recovery they should be able to empathize with the client in such a way that a higher rate of payment is achieved thanks to a “more human” treatment. An example of this would be having an intuitive and easy to program IVR which will allow the customer to interact with our company in a simple way, improving the customer experience and increasing the percentage of debt recovery.

Another factor that makes a difference when managing debt recovery is the reports about our debtors. Being able to have the report, but also allowing the agent to provide relevant information to the same, through the telephone conversation with the client, allows a recovery company or any company inside the banking sector to obtain a competitive advantage over its competitors. Once this information has been obtained it is much easier to categorize the client by establishing a series of parameters; amount of the debt, solvency of the debtor and payment history.

Debt recovery management requires insightful agents and specialized technology solutions in Contact Center which optimize the management of delinquent contacts. Of course, it is a great source of income for many companies since there are currently more than 800 companies specialized in this area.

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