How to implement the best debt recovery strategy in the Contact Center

By 15 de octubre de 2019marzo 25th, 2021No Comments

AThe debt recovery strategy in the contact center is often affected by inefficient services. Many companies are not able to translate their business strategy into the tool used to manage processes.

This lack of optimization results in the inefficiency of these processes. From the shortage of debtors contacted to the amount of debt recovered, due to the lack of automation of processes or a bad configurations. This affects the profitability and productivity of the operation.

Maximize the performance of the Contact Center platform

Enghouse Interactive has specific solutions to improve the management of these processes, both in the front and back office. Tools designed to execute and manage the best strategy. Aimming to maximize recovery with the least amount of effort and use of resources.

In this post we will see how to obtain the best performance from Enghouse Interactive’s Contact Center platform, Presence Suite. Also, how to apply it to the most frequent needs of debt collection services, in order to achieve the desired objectives:

Objective 1: Recover more debt in less time

  • Setup Dialler in predictive mode for cases of administrative and early debt and with high volume of records:
    • Define maximums in relation with the number of contacts to be made.
    • Reschedule resolution of incidences and non-useful contacts.
    • Establish parameters to guarantee agent occupation above 80%.
  • Define Best-Time-to-Call (BTC):
    • Identify in the contact map of the best time to contact the debtor. Through history analysis.
    • Identify the real owner of the debt (Right Party Contact).
  • Increase Automation and Self-Service:
    • Integrate of voice recognition technology (ASR and TTS) to contact debtors without the intervention of real/human agents. (Collections Virtual Agent)
    • Define the workflow according to the pre-established collection rules and the strategy for each case.
    • Support to the debtor on social networks and messaging apps such as Whatsapp

Objective 2: Increase process efficiency

  • Database segmentation to generate scripts focused on the different types of debt and customer to increase collection success rates.
  • Implement real time monitoring strategy through the web supervisor, configure dashboards with alerts on the achievement of objectives. As a result, corrective measures can be applied in real time.
  • Queue and priority management to increase contactability:
    • Determine strategies for segmentation of lists according to each one of the record fields.
    • Define transfers between service queues to offer support depending on the debtor profile.

In debt collections management it is essential to make the most out of the technology used. Applying these settings to the debt collection service improves the strategies of dialling and intelligent routing. Translating into a 20% increase in contactability. And a 10% improvement of debt recovery rates.

Furthermore, the use of self-service and artificial intelligence allow optimizing the service quality to the debtor. Having more segmented data not only improves the efficiency and productivity of our resources. It also increases the identification of the right contact by 30%.

If you want to know more about how Enghouse technology can help you improve your ROI in debt recovery, check our website resources.