Business Operations, Technology, Uncategorized
Three Communication Best Practices That Increase Debt Recovery Success
- Mar 24, 2022
- Jordan Akins
- artificial intelligence ,customer experience ,Debt Collection
The first contact with a consumer determines the chances of successful debt recovery. As a debt collector, you know that effective communication is the most persuasive tool in your arsenal. Since the start of the pandemic, debt recovery has become more challenging. The correct communication and channel options are the only reliable approach to successful debt recovery. We will explore the best communication practices that will help you succeed in 2022.
Three Best Communication Practices That Increase Debt Recovery Success In 2022
Listening helps a debt collector to establish a bond with the borrower. Forming a bond with the consumer from the onset of the conversation determines how smoothly things go. Paying attention can help collectors understand a consumer’s situation, which eventually helps them plan their next move. By listening and understanding their needs, you can get consumers in their comfort zone and persuade them to clear their dues.
TotalCollectR’s virtual agent speeds up the collection process. It helps you to learn about a borrower’s circumstance before you initiate the conversation to help you handle the situation gracefully.
2. Build Rapport-
Let’s face it. Consumers are reluctant to talk to debt collectors in most cases. The fact that borrowers consider collectors to be against them disrupts a debt recovery process even before it starts. The only way to regain consumers’ confidence is to have open conversations about their current situation and concerns. Having conversations helps a collector earn the borrower’s trust. Once you gain the consumers’ trust, it will be easier to recover due payments or come to agreements.
Total CollectR’s virtual debt negotiator factors in the consumer’s account history and status to provide the best options that are unique to their situation. The AI-based technology can help you bond with the borrower increase the chances of successful debt recovery.
3. Follow up-
Always ask questions. Remember, it’s not just about collecting a due payment. You’re there to provide a solution to the borrower. The only way to plan the best possible solution for the borrower is to ask questions and see the whole picture. After you pitch the reason behind the call, ask follow-up questions to get a better understanding of the situation borrowers are in. Asking questions can also help you clear any preconceived notions about the borrower.
TotalCollectR’s virtual agent can get answers without asking questions. How so? Our solution has built-in sections where borrowers can provide reasons behind their missed payments. Several other fields require borrowers to provide details and crucial information.
How Can You Develop the Best Communication Strategy?
These techniques will help you increase the chances of successful debt recovery. Even with these points followed perfectly, several external factors can disrupt the interaction between you and the borrower. There can be technical glitches, psychological issues, or consumers may simply not want to share details of their financial circumstances over the phone.
In most cases, borrowers are reluctant to talk to collection agents. Borrowers’ reluctance to communicate with a collection agent makes it almost impossible for them to have the right conversations with the consumers, which will lead to a positive outcome for both parties. It is nearly impossible to formulate the perfect communication technique that wields absolute results.
However, reaching voice mail isn’t the end of the line. It simply means that the situation demands alternate mediums of communication or technology. Borrowers who don’t respond to debt collectors may be responsive to a virtual agent that empowers them to resolve their delinquent accounts. Especially, if the virtual agent has a customized approach for each customer based on their profile and preferred mediums.
Total CollectR’s Virtual Agent and Debt Negotiator are as close as you can get to achieving the perfect communication strategy. Our platform connects your customers with the channels they prefer and empowers them to resolve their past due balances at their convenience. By leveraging AI technology, Total CollectR analyzes and evaluates consumers to plan an effective communication strategy best suited for them.
What is Total CollectR?
TotalCollectR is the gateway to a hassle-free debt collection powered by next-generation AI. 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 across seven different languages.
Schedule a demo today!