Services Enhancing Debt Collection Effectiveness Offered by EasyCall
Debt collection activities are conducted both by specialized collection agencies, which perform collection activities on behalf of others, and by companies that manage collections internally as part of their core business operations. From our experience, companies that undertake debt collection on behalf of others often engage in highly complex processes with the primary goal of effectively reaching debtors and securing repayment. Below, I will present selected services from the EasyCall offering that are successfully used by many companies conducting collection activities.
During the execution of collection processes, many parameters can be optimized, primarily the effectiveness of reaching debtors, the number of contacts made within a specific time frame, the number of repayment declarations, and the actual repayments made. Our observations indicate that only continuous work on the efficiency of individual parameters within the collection process can lead to improved results over time.
How to Effectively Reach Debtors?
EasyCall offers many tools to increase the reach to target individuals with whom repayment terms are negotiated. One of the most popular tools is the use of number rotation in the presentation of outgoing calls to debtors, which can increase the response rate by debtors by up to 60%. In the example below (Graph 1), we show that the initial share of answered calls in outbound campaigns was 7%, while after implementing number rotation provided by EasyCall, this share increased to over 12%.
Graph 1 – Use of Number Rotation
It should be emphasized that using number rotation does not require restructuring existing collection systems or established processes, yet it significantly improves contact rates with individuals who have debts in cases handled by your company.
Number Rotation in Outgoing Call Presentation, Including Mobile Numbers
EasyCall offers many solutions related to phone number rotation, typically providing clients with at least several thousand landline numbers and conducting so-called number reputation testing during their use, which maintains high effectiveness. We do not limit ourselves to random rotation. From experience, we know that an improperly chosen number rotation model can lead to the opposite of the intended effects. We focus on analyzing the client’s needs and expectations to select the rotation model that best fits current requirements. Various models can be used depending on the specifics of the campaign and ongoing collection/sales activities, such as a transparent model, random according to set criteria, or client-specific. In campaigns using number rotation in call presentation, we recommend voicemail detection, which allows for additional optimization of call center resources.
Enhancing the Telephone Database with New Numbers
The success rate of reaching debtors also largely depends on the quality of the debtor’s address database. It is possible to commission us to update such a database. This process involves returning up-to-date phone numbers of debtors assigned to their data. Investing in time-consuming and expensive activities like SKIP Tracing is unnecessary. By verifying address databases, you will enrich your phone database with new debtor numbers, and practice shows that with these newly acquired numbers, you will achieve a significantly higher reach rate to debtors.
IVR – Advanced Interactive Response Systems Using DTMF and Speech Recognition
With the advanced IVR tree creation tool developed by EasyCall, debtors will automatically receive many important pieces of information, avoiding call transfers and excessive prolongation of conversations with consultants. Importantly, each call transfer carries a high risk of disconnection. Another possible application of the IVR tool is to use it in collaboration with a failover system, which automatically redirects excess calls to the IVR to the so-called virtual agent. This typically occurs when your call center has difficulty answering calls or when there is a network or infrastructure failure. It is worth noting that IVR system configuration is intuitive and done using a drag-and-drop method. More about IVR system configuration can be found at: https://www.wirtualnacentraladlafirmy.pl/obsluga
HLR/Telco
The HLR service eliminates inactive phone numbers, on which it is simply not worth attempting phone calls, and for mobile phones, sending SMS as well. With HLR/Telco, you will verify which group of clients you actually have active phone numbers for. This knowledge allows for precise selection of collection tools and increases the effectiveness of collection activities while optimizing costs. Practice shows that company collection databases contain from 25% to even 63% inactive or useless phone numbers. This results in pointless phone call attempts and unproductive consumption of call center consultant resources. If you do not use advanced voicemail detection tools, you will also significantly reduce the time spent by CC agents listening to messages on automatic answering machines. Depending on the size of the CC, this will save from 2 to 5 FTE.
Automating the Collection Process – Virtual Consultant
With the customer contact automation platform, it is possible to automate a large portion of routine collection and customer service processes. Automation frees up human resources that can be redirected to more complex processes. An ideal activity to automate is reminding about payment deadlines and collecting repayment declarations. Automated collection involves automatically making phone calls with a pre-recorded voice message – the so-called VMS (the message is previously recorded by a voiceover artist or prepared using the platform’s built-in speech synthesis). When the debtor answers the call and the target person is positively verified (date of birth, personal ID number, customer number, etc.), the virtual agent provides information about the upcoming payment deadline and the amount due, and can also accept repayment declarations. The automated collection process includes the possibility of transferring the ongoing call to a CC agent when the caller requests it or encounters problems with the defined process or enters incorrect data on the keypad. Clear statistics show where in the collection scheme the disconnection or transfer to the call center occurs, supporting resource management and further optimization. Automated collection/customer service processes can be personalized for each project independently. Automated processes allow for activities that are not performed due to staffing shortages or the large scale of the campaign expected by the client. Automated collection allows for tens of thousands of contacts per day. Through automation, collection processes can be expanded to include previously unused tools (VMS, SMS, email). Comprehensive statistics and reporting of activities allow for precise management of collection activities, maximizing benefits and optimizing costs. More at: vms.easycall.pl
Automating the Collection Process – Example from the Loan Industry
For one of our clients in the loan industry, we prepared full automation of the collection process, which includes a maximum of three phone contact attempts using voicemail detection. When the call is answered, a previously prepared voice message (VMS) is played. Calls are made within one day to a maximum of three debtor phone numbers. The system automatically calls the debtor, and upon answering, the debtor verifies their identity with their date of birth and name, receives the debt amount back, and can make an automatic repayment declaration within a specified time. At each stage, it is possible to speak with a consultant by selecting the appropriate option from the phone keypad. The system’s efficiency is tens of thousands of VMS per day. Our proprietary contact automation platform also supports VMS contacts by sending an additional SMS, e.g., confirming the receipt of a repayment declaration within a specified time. The tool is simple and flexible enough that in a few minutes, it is possible to add a simple IVR satisfaction survey to the collection process to gauge satisfaction with the automatic system or call center consultant. We invite you to cooperate.
Building Positive Relations with Debtors – EasyKONTAKT Widget
EasyKONTAKT – is a widget placed on any website that allows for callback to the person leaving their phone number, known as a callback. This tool enables building positive relationships with debtor clients by providing very quick feedback. For example, a client urgently seeking information on a website can be connected to the call center within seconds after providing contact details. This tool is equipped with detailed statistics that allow for assessing the effectiveness of the actions taken. It can also be integrated with sending an SMS or an automatic IVR survey. Details at easykontakt.pl
Practical aspects of using collection support tools can also be found in our case study.
For those interested in the practical application of the tools provided by easyCALL.pl SA, please contact us at biznes@easycall.pl.
