The collections space has been migrating from traditional mail and outbound calls to electronic payment portals, digital collections and virtual negotiators. Now that collectors have had time to test virtual collections, we’ve collected some data points. Here are a few:
- On average, 52% of consumers who visit a digital site will proceed to a payment schedule if the right offer is made.
- 21% of the visits were outside the core hours of 8 a.m. to 8 p.m., an indication that traditional business hours don’t always work.
- Of the consumers who committed to a payment plan, only 56% did it in a single visit. The remaining 44% did so mostly later that day or on a subsequent day.
As more financial institutions test this new virtual approach, we anticipate customer satisfaction and resolutions will continue to climb.