According to Experian® research, 52% of consumers who visit a digital site will proceed to a payment schedule. Inviting consumers to establish a nonthreatening online debt recovery system can help increase response rates and reduce resource constraints.
By using behavioral analytics and optimization strategies, you can take the right course of action for each customer. Contacting the right customer at the right time through the right channel and providing them with a convenient, discreet way to negotiate or repay date will increase retention rates and improve customer satisfaction.
Technology that drives self-service helps cut down costs associated with direct mail and call center representatives while reducing contact times and improving operational efficiency.
By leveraging machine learning and AI in your omnichannel approach, you can automate previously time-consuming tasks and improve quality and processing rates by preventing human error.
Are your current processes keeping up with the new landscape?
Learn how to optimize performance in the collections environment.