How a Predictive Dialer on Debt Collections improves productivity?

By 26 de marzo de 2019marzo 25th, 2021No Comments

Success in debt collections depends on the amount of debtors contacted and debt recovered. Outbound calling is the most used method in contact centers to collect debt. However, doing so manually leads to high call abandonment rates and deterioration of productivity, low efficiency in terms of calls that can´t be connected with debtors, high costs related to idle time of negotiators and times occupied by them in dialing records manually. Above all, it affects customer experience. Here is where debt collections need a predictive dialer to solve all these needs.

The predictive dialer allows you to automate the debt recovery process optimally. The most important thing of all is that it does so in a completely safe and profitable way and without sacrificing the quality of the debtor’s experience.

Recovering more debt in less time

Collection agents face many difficulties when trying to collect debt. In many cases, it takes more than one attempt to get the debtor to answer. The predictive dialer allows you to identify busy tones, automatic answering machines and only send calls to the negotiator in which the debtor is ready to speak. In this way, it maximizes the efficiency of the collection process. The agent can focus on what really matters: recovering debt.

Unlike dialing manually, where the agent dials records one by one, the predictive dialer automatically does so. It has a pre-loaded list in the system, so the negotiator can manage more effective contacts per hour in less time. Not all calls that finally connect with a debtor result in recovered debt. Therefore, making the most of each contact in an efficient way is critical.

Tailored made strategies for each debtor

Algorithms programmed in the predictive dialer analyze information about the negotiator’s management times, type of debt that needs recovery and the debtor’s profile. In this way, the system allows to increase productivity. Applying intelligence to the dialing process, assigning the best-qualified agent to attend each debtor increases the possibilities for a successful debt collection.

Several factors conditioned debt collections in a contact center. Among these are the hours in which the debtor wants to be contacted. In addition to regulations that prohibit you to contact debtors more than once and at specific times of the day. Here, the business intelligence provided by predictive dialers to increase productivity levels is extremely important. For example, groups of debtors who work from Monday to Friday prefer to be contacted on weekdays during lunch hours. This so that working hours aren´t interrupted. Consequently, the collection contact center will not spend efforts calling at a different time. This will increase the likelihood of increasing the debt recovery rate.

Cost reduction making the most of resources

Debt recovery depends largely on the contact center´s negotiator. Therefore, it is subject to errors that may represent costs. Predictive dialers do not just dial automatically. They display useful information before the call connects with each debtor. Consequently, the collection agent will have knowledge about the type of debt, the debtor’s profile and different ways of negotiating. This way you will make the most of your time and avoid incurring costs associated with errors.

Likewise, the predictive dialing systems allows monitoring of the negotiator´s activity in real time. In this way, the contact center´s supervisor can suggest the best way to address a specific type of debtor. Alternatively, they may warn of any bad practice and make corrections on the run. Avoiding incurring in errors and cost overruns related to them. The resources available to the contact center will be maximized at the same time as relevant information is collected. This information about different situations and scenarios of debt collection could be useful in the future.

Predictive dialers allow to achieve the objectives of debt collections in an optimal way. They increase productivity between 200% and 300%, reduce operating costs by 20% and minimize human error. Facilitating effective negotiations to recover the debt and making the most of the resources. Above all, they do so maintaining a high level of satisfaction in the debtors.

Would you like to know more about how the Predictive Dialer can help improve the management of collections? Download our Whitepaper