It is no secret that collecting consumer debts is becoming extremely challenging. While it has never been easy, there are more obstacles today that debt collectors must navigate than ever before. These challenges, in turn, place more pressure on debt collectors, who already have the stress and burden of achieving performance objectives and avoiding lawsuits. In the end, this often results in a degraded customer experience.
Factors that lead to a negative customer experience:
While many reasons affect customer experience, Total CollectR has a unique solution to solve each of these issues. The most important factors that lead to a negative customer experience are as follows:
Limited payment options:
The first and most common reason for falling behind on a debt is a financial crisis. Borrowers are haunted by the thought of paying a debt when they barely have enough money to sustain themselves. When a creditor demands the entire debt amount from a borrower facing a financial crisis, it leads to a terrible customer experience. This experience is forever ingrained in the customer’s mind.
When the customer is back on their feet and ready to begin tackling their delinquent accounts, those who refused to work with them are often the last to be paid. Total CollectR empowers the borrower to choose from payment options they can afford and provides options if the customer cannot remedy the account balance.
Lack of communication:
Another major factor that leads to a negative customer experience is the lack of communication between the collector and the customer. It is easy to assume that customers are unwilling to pay when they do not respond to calls or other outreach. More often than not, the customer intends to pay but simply ignores these calls. They do this because they do not want to relive their unforeseen financial circumstances. There may be other personal reasons that a customer is not comfortable sharing why they fall behind on a payment.
In such cases, having an aggressive approach does not make sense, only resulting in ignored collection attempts and a mounting cost-to-collect. On Total CollectR, borrowers who cannot pay are given options to address their past-due balances. Since they do not have to discuss this financial situation with another person, our system empowers them to take action on accounts they would generally ignore.
For a debt collector, it is impossible to know how the customer would like to be contacted. However, the medium of communication plays a crucial role in first contact with the customer. Repeated attempts to collect the debt via the same medium degrade the customer experience.
The borrower may find telephone calls inconvenient or may prefer them. Alternatively, they may be more responsive to a text message or prefer an email. Total CollectR uses artificial intelligence to determine what communication channel the customer is most likely to prefer and engage with you on, helping to create a more targeted collection approach.
Time of Day:
Choosing the right time to get in touch with the customer can change the course of the debt collection process. Customers already have so much going on in their lives that they probably can not spare time to talk about a due payment. Calling a customer on a tight schedule will only result in unanswered calls. Likewise, calling a customer who works at night during the day would be just as effective as calling a customer who prefers a text.
By leveraging artificial intelligence, Total CollectR works to understand the best possible time to get in touch with your customers.
What is Total CollectR?
Traditional debt collection strategies involve making countless telephone calls, repeated failed attempts to collect a debt, and mounting costs. Total CollectR ensures a better experience to creditors, debt collection agencies, and consumers at minimum cost and effort.
Total CollectR is the gateway to a hassle-free debt collection. It is an all-customizable virtual platform that facilitates debt negotiation designed to help creditors and collection agencies increase cash collections, reduce expenses, and be more compliant.
Total CollectR is powered by next-generation artificial intelligence. Our platform connects with your customers on the channels that they prefer and empowers them to resolve their past due balances.
10 ways Total CollectR increases customer satisfaction
1. It Empowers – Total CollectR puts the customer in control of the collection process. The customer feels empowered to resolve their accounts.
2. Customer Preference – Total CollectR becomes the customer preference. No one wants to talk over the phone with a debt collector, and our platform provides alternative communication channels that your customers prefer.
3. Customizable – Total CollectR has a customized approach for each customer based on their profile and preferred mediums. Your customers are unique. Why shouldn’t their collection process be too?
4. Options – Total CollectR provides the right options to the right customers. Customers feel there is always a way to remedy their balance.
5. Language – Capable of communicating in more than seven different languages (and additional languages can easily be added), Total CollectR can connect with your customers in the language that they speak. We welcome you to a collection process devoid of communication gaps.
6. Security – Customers do not want to provide payment information over the phone, especially if your phone number appears as a “Scam Likely” on their Caller ID. Total CollectR offers our customers a secure outlet to resolve their balances.
7. Ease of Use – Total CollectR is easy to use, making it easy for customers to resolve their past due balances. Instead of adding complexity to the collection process, our platform keeps things simple.
8. Access – Customers can access options to resolve their account every hour of every day, and Total CollectR will never ask you for overtime or holiday pay.
9. AI – Powered by artificial intelligence, Total CollectR actively works to improve the customer experience throughout the collection process. From simple adjustments to complex appeals, our platform is constantly working to figure out how to drive increased performance.
10. Management – On a whim, the customer can manage their account and payment arrangement on their terms.
Resolving a collection account using traditional methods is costly for both the customer and the debt collector. Total CollectR is a modern solution that redefines the debt collection process. Our solution is capable of delivering maximum results at minimum expense. Visit the Total CollectR website to learn more or if you would like a demo of our digital solution, click here.
Total CollectR is an add-on system that integrates with your existing loan management solution to intelligently automate one of the most challenging and costly aspects of any financial services business.