Leveraging Digital Channels in Today’s Collections Environment

Advances in technology have rapidly shifted the nature of communications with their customers, particularly when it comes to accounts receivables. It has also significantly changed the way consumers think about and handle their money. The ways that you choose to connect with outstanding accounts will have a direct impact on whether or not they decide to make a payment.

Choosing an outsourcing partner that utilizes omni-channel digital communications is the way to succeed in today’s technology-driven world. Leveraging digital options to their maximum benefits will improve the customer experience while increasing your collection rate. Read on for an overview of what an omni-channel approach looks like, as well as the key benefits for your business and your customers.

What is An Omni-Channel Digital Collection Strategy?

This simply means layering all of the available technology in your contact strategy in order to improve communications and give your customers choices. Interactive, 2-way messaging combined with a seamless, online payment system will drastically increase your chances of receiving instant payment.

As soon as you secure permission from the consumer to contact them via digital channels, you can begin engaging with them in a way that’s tailored to suit their needs. The phone is no longer the only way to connect with your customers. Empowering your customers to choose when and how to communicate with you will improve their experience and increase the likelihood that you earn their wallet share.

Making Payments Has Never Been Easier

Omni-channel digital communications make it incredibly simple for you to customize payment options for each customer. Once opted-in, emails can provide secure links to payment options with mobile banking, all while agents are only a phone call away, ready to create repayment plans that work for everybody.

Self-serve payment technology means a customer can access and control their payment structure from beginning to end, including the method and timing of payments. Automatic withdrawal options and payment-due reminders can ensure that they never miss another payment, and the ability to use across multiple devices ensures ease and accessibility at every step. Real-time payment portal dashboards allow your customers to review payment history, update preferred contact methods, view current payment plans, and set up new payments, all at their convenience.

Increase Your Business’ Efficiency

Taking full advantage of digital channels to communicate with your customers will streamline all of your processes, resulting in significant cost savings. The option to automate a large portion of the collection process reduces manpower and increases time-efficiency.

In addition, digital communication means enhanced data collection and the opportunity for extensive analytics, so you can continuously refine and improve your strategy as you collect information.

Finally, using digital channels is an eco-friendly approach to doing business, reducing your footprint and putting everything on an easily archived digital storage platform.

Other Benefits of Leveraging Digital Channels

Properly executing an omni-channel digital communications strategy will benefit your company in a variety of other ways, not just efficiency.

  • You will impress your customers with the wide range of choices available to them, leaving behind a positive customer experience (not always the first thing that comes to mind when thinking about collection services!)
  • It will create additional support for projecting and managing your cash flow
  • A streamlined and transparent process makes it easier to train new staff, make necessary changes and see problems immediately as they arise
  • Enhanced analytics can reveal early shifts in credit, default and fraud trends across your customer base

Mitigating risk is the name of the game when it comes to credit collection. Leveraging digital channels can help you keep customer data safe in cloud-based, encrypted storage, while your omni-channel strategy operates along strong policy guidelines to give you deep customer insight and keep your business moving forward.

Advances in technology are getting faster and show no sign of slowing down; it is, therefore, critical that you make sure your business is keeping up with your customers. Empowering them through choice and creating meaningful interactions has tremendous power to improve the performance of your accounts receivable.

By working with a trusted partner for collections and receivables, you will gain all of the benefits without investing heavily in infrastructure creation or training. At TSI, we offer a data-driven collection strategy that follows the process from end-to-end, ensuring a positive, easy, digital customer experience. Contact us today to optimize your strategy for omni-channel digital communications.

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