To keep up with ongoing and new challenges, collection contact centers must rethink their entire collection strategy. The only way forward is to leverage technology and switch to automated collections services. Cloud-based technologies have become the need of the hour. They provide the infrastructure needed to support a remote workforce, boost recovery rates, increase efficiency, improve the customer experience, and optimize resources.
The following are some of the technologies that collections organizations can use to solve business problems.
1. Use Omnichannel and Predictive Analytics to Boost Productivity and Revenue
The current economic situation has made it difficult for people to make payments on time. With the use of Omnichannel and predictive analytics, collectors can adjust according to the circumstances.
Omnichannel contact solutions can provide the right information to collectors when they need it the most. The technology allows interactions across all channels to be added to a universal queue. This enables the most effective handling. Collectors can use multi-session capabilities to engage in more than just one conversation. It helps boost performance and productivity at the same time.
Optimal contact schedules can be made with the help of AI-driven KPI predictive analytics. It includes the best time and channel for contacting clients. Therefore, increased revenue, more connect time, and higher productivity will become a reality.
2. Use Workforce Management and Proactive Messaging to Get More Done with Fewer Resources
Ever since the coronavirus pandemic broke out, it has made it difficult to keep up with changing customer expectations and volume spikes. Collection contact centers have struggled to transition to a remote workforce. Workforce management and proactive messaging can prove useful.
Communication with collectors and customers is of paramount importance as customer uncertainty, and inbound call volumes change. To better manage the delivery of information, in-queue messages are just what you need. Important information can be provided to customers with proactive outbound messaging. It is vital to include it in your debt collection strategy.
Utilize all channels to ensure that customers are aware of what they should expect and how you are working to improve service quality. Similarly, workforce management should be used to take out the guesswork from scheduling and help automate collections.
3. Use Speech Analytics and Gamification to Track, Reward, and Analyze Collector Behavior
Speech analytics and gamification can help track, reward, and analyze collector behavior in ways you might have never thought possible. With speech analytics, it is possible to track and analyze interactions automatically to improve customer experience. Gamification can help with rewarding collectors and providing ongoing feedback to keep collectors motivated and engaged.
Rethinking your collection strategy can help you navigate current waters and thrive. It is vital to use the right technology to grow. This is where NOLA comes in handy. It allows you to improve efficiency, increase revenue, and reduce costs.