digital-debt-collection
Richard Michael Blewis
Richard Michael Blewis
Digital Debt Solutions Manager
in Business 3 min read

Digital Debt Collection: Self-Service With a Seamless Contact Center CX

Reading Time: 3 minutes

Today’s customers increasingly leverage self-service and digital debt collection solutions when it comes to interacting with a contact center.

Self-service is trending upwards in debt collections and now over 50% of customers prefer self-service and more than 20% look to resolve their debt out of hours. One thing is certain: digital debt collection helps increase collection rates and make your business more efficient while improving your ROI.

We are evolving from Omnichannel to Optichannel, the key difference being that the interaction and call flow needs to use AI data segmentation to define rules, settlement offers, payment methods and live agent interaction.

Interactive IVR push campaigns

Until now, debt collectors typically relied on live agent interaction. In our digital world, however, debt collectors (virtual and live agents) need to apply customer segmentation in order to target based on the customer profile.

In fact, forward-thinking businesses have already started to use solutions that rely on live agents for certain parts of the debt collection process and digital self-service for other parts.

For example, based on a customer balance, amount of payments overdue, failed PTP or other criteria, the settlement calculation and the routing to a live agent can be defined.

How to increase your PTP payment rate

In debt collections we all know the dreaded Promise to Pay or PTP. We have heard of campaigns in which the PTP payment rate has been under 10%, so how can we increase this without incurring more expense?

Using the VCC Live® data segmentation module we can define a strategy in the workflow, so for example < €50 we might send an SMS reminder and > €50 we will launch a preview or predictive call.

With each transaction, we send an SMS confirmation which includes a webchat link, just in case further information is required.

There should be payment thresholds when using self-service, to establish a minimum amount and a cutoff date. Perhaps a partial payment should initiate a live call transfer to a call center agent. By using skilled based rules you’ll be able to improve overall CX and the results.

Contact Center Agents

As mentioned above, creating customer segmentation by utilizing customer data is vital in order to maximize digital debt collection processes.

For example, calls that do get transferred to live agents should be CTI enabled to identify the customer and provide account information fully integrated with the CRM, allowing agents to provide a fully personalized experience. This should be applied for calls and for live chat as well.

Furthermore, intelligent routing should use the same above mentioned criteria. For instance, if a high profile debtor is ready to interact, then they should jump the queue perhaps and be routed to a specific agent.

Debt Collection Outcomes

The customer disposition is the outcome for each interaction, this can be generated from the self-service interaction, from an agent interaction using the CRM outcome, making a payment either with the payment gateway or in the bank. Recently we have introduced M-CRM for field collectors.

At VCC Live® we develop technology and provide expertise to ensure success in debt collections and this involves an ongoing business relationship. We not only assess your campaign results but also make recommendations to improve results.

VCC Live® will help you find the balance and create the right strategy, for more info check out our Self-Service Debt Collector.

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