Are You Ready For Omnichannel Debt Collections?

Jeffery

May 10, 2021

photo 1460925895917 afdab827c52f e1620789380455

Digital channel interaction has become a priority for most collection agencies, from outsourced collection firms to lenders. Engagement capabilities are expanding rapidly to utilize new consumer communication options that will increase call support. The competition is getting tough by the day.

As traditional communication channels (such as telephone and letters) see a decline in effectiveness, digital channel communications (like consumer self-serve collection portals, phone, live chat, email, and text messaging ) are experiencing a rise.

2020 CFPB (Consumer Financial Protection Bureau) Rulings on Debt Collection Industry

One of the main reasons behind the change is the 2020 CFPB (Consumer Financial Protection Bureau) rulings that laid the digital transformation foundation. The rulings have had a huge impact on collection operations involving client communication. Thus, the way companies contact consumers is no longer the same as strict regulations in place, covering just about everything. The collection industry has anticipated the new ruling, and it has affected collection operational considerably.

Omnichannel Debt Collections

Organizations that are putting in the effort to introduce digital channel capabilities need to look towards omni channel collections. It will provide the ultimate collection system of the future. The truth is that an omnichannel-enabled collection system would allow for improved collections performance and operational compliance in comparison to traditional collection systems, which fail to provide a cohesive system for proper compliance and communication.

It is vital to keep in mind that an omni channel collections enabled system does not mean that you can grow your digital channel communication capabilities and utilize the collection software platform for getting work done. There is a lot more to the equation that needs to be considered. Instead, it is a collections system that seamlessly integrates both the traditional and new. It would allow for the communication channel software to unleash the power of the systems.

The best thing about the omni channel collections is that it centrally sets, controls, and manages initial and ongoing communication and collection strategies across all contact channels. Therefore, the omnichannel collection system would offer the ability to process new and updated information instantly to allow for automatic triggers. The appropriate communication actions will be taken to systematically moving the account towards the next step in the workflow. Consequently, the outcome would be more consistent. It would allow for appropriate engagement throughout every device and touch-point by the collection organization and the consumer.

Omni-channel enabled collection systems are developed and developed to capture, store, compile, and use a broad set of data across every communication channel easily in real-time. It ensures more detailed data is utilized for improved actions. It is vital for complete consumer communication management. No element is missed out through the approach as all the collection communication channel strategies are optimized. Hence, more effective consumer messages are created which strictly adhere to the compliance requirements. There would be no possibility of a violation occurring.

Consumer Communication Management

The consent data is captured and used in real-time through omnichannel collections to better consumer communication management. The agents would have access to everything and would know more about the collection communication strategy. The basis for message event triggers would be included to focus on contact workflow rules.

As for the communication consent, data would include the number of contacts that have been attempted and the completion of each consumer. The data will consider all the communication channels for each consumer. Since such a granular level of data cannot be captured or properly leveraged by most collection systems, it is crucial to invest in omni-channel collections. The reason behind existing collection systems failing is that these systems had not been designed or developed for supporting such capabilities.

Smartphone

Key Capabilities of Collections System

When it comes to collection systems, certain key capabilities need to be offered for supporting omnichannel collections. These capabilities are mentioned below.

1. Seamless Integration

To establish an omnichannel collections system, the first thing that is needed is seamless integration. It is impossible to establish the system without seamless integration. Every channel communications and contact needs to be seamlessly integrated. This means that phone, ring-less voicemail, live chat, SMS, email, agent desktop, letter generation, and telephony have to come together to allow the system to leverage its capabilities and provide a seamless experience to consumers. It would guarantee that customers have no trouble getting the service that they require.

Seamless integration engagement is crucial for consumers. Today expect to receive the same experience on every channel. To truly satisfy them, your goal must be to get all the channel communications and contacts together in a single database that agents can access. It would enable the agents to start the communications with customers where it had last left off.

2. Real-Time Processing

Next, real-time processing is something that cannot be overlooked. It is an integral part of omni channel collections software. With real-time processing, it is possible to utilize the integrated applications and external service providers to solve customer issues in real-time. It would ensure that customers receive the service that they require without any delay. Every matter would be taken care of, and customers would truly feel that their needs are addressed in the best way possible. The external service providers would also work together to exchange key communication channels or/ and contact information.

The fact is that consumers do not have time to spare, and it is the responsibility of collection firms to make sure that their consumers benefit from prompt action. Otherwise, they would have no trouble not interacting with the business or paying with their credit card. Real-time processing enables faster results to be provided to the customer. This ensures that they will stick around. It is essential for omnichannel collections. If companies want to keep customers hooked, they have to focus on providing real-time processing. It would deal with providing quick solutions so that customers do not have to wait around.

3. Embedded Digital Channel Communication Capabilities

Next, embedded digital channel communications capabilities are needed for omni channel collections. The capabilities are required for the collection system database to operate. It would bring together tracking and reporting functions, messaging templates, rules engine, strategy, and collector desktop. The importance of embedded digital channel communication capabilities cannot be stressed enough. They allow for the organization to expand its abilities to get more done.

Customers will be beyond thrilled to know that the organization has a lot more to offer than just the basics. Thus, it will work in their favor. Through the implementation of the capabilities, better results can be expected.

4. Robust Centralized Strategy Engine

To eliminate data silos, a robust centralized strategy engine is needed. It will help bring everything together and ensure that the business can better cater to customers. The centralized strategy engine will be powered by machine learning and artificial intelligence. It will provide the ultimate platform to the business to allow it to get more done. With such a platform, the omnichannel collections system can be established. Since the omnichannel collection is all about centralization, a robust centralized strategy engine is necessary. It would enable the organization to quickly respond to customer queries and gather all the desired information within seconds.

5. Integrated Consumer Self-Serve Collection Portal

Another component of omnichannel collections that you need is an integrated consumer self-serve collection portal. It will allow customers to find information that they are looking for on their own. It is perfect for a younger demographic as they prefer to search for answers on their own. Besides, a self-serve collection portal will help reduce costs as customers would not need to contact the customer support team. Instead, they would directly use the portal to find the solution to their problems.

An integrated consumer self-serve collection portal needs to be rich in information. It should cover all the basics that customers are likely to search for. By providing a comprehensive self-serve collection portal, you get to make sure that your customers stick around. It would provide all your customers with much-needed information. It makes sense to establish the portal as a failure to do so could prove costly.

6. Utilization of Omni-Channel Collections

Next, utilizing an omnichannel contact center solution for data capture, utilization, compilation, and management is necessary. It would analyze all communication channels and associated strategies. Then, it would conduct relevant steps and actions. It includes the systematic capturing of information from every communication channel and contact. Thus, the best results can be expected through the utilization of omni channel collections.

7. Detailed Tracking and Reporting

Finally, detailed tracking and reporting are needed, along with analytic capabilities. It needs to be focused on omni channel communications. Only through comprehensive reporting and analysis can we gather valuable insights, refine strategies, and identify upcoming trends.

Detailed tracking and reporting will provide answers to questions that you might not even think were answerable. It would show you trends and look at things from a micro level. It pays to get into detail. You will find the component to be just what you need to establish omnichannel collections. You must utilize the capabilities for taking your organization to the next level.

If you fail to set up a collection system with the abovementioned omni channel capabilities, it is impossible to compete with your competition and stand out. An omni channel collections system is impossible without the capabilities. They allow for seamless integration and embedded capabilities. You can utilize them for better collection operations and compliance. Since you should never compromise on performance, you must invest in a debt collection system that offers these services. It can work to your advantage to have such capabilities.

On the other hand, if you do not offer such capabilities, your customer engagement will leave you unsatisfied. For instance, without real-time processing, the collection would not be able to trigger immediate action. If payments are made to customers, they should be updated that the amount has been received through SMS. In case the capabilities are not offered, customers would feel confused as to whether the payment has been made or not. It would increase their frustration, and they would be likely to consider an alternative.

Besides this, it would not automatically pull the account from the collection queue immediately, which would result in customers who have made payments still receiving a demand letter or a call from an agent. Similarly, if there is no self-serve collection portal, customers would struggle to make payments. They would need to stick to traditional means, which would discourage them from using your service altogether.

If there is no seamless integration between the collection system and the portal, as well as real-time processing and a centralized system that immediately reacts to customer action, it will lead to a series of missteps occurring, as mentioned below.

A demand letter would be sent to the customer with already established payments through the serve-self collections portal. It would jeopardize your relationship with the customer.

A collector would contact the customer although the customer has made the payment. This would hurt customer relationships.

The above examples only reveal that a failure to adopt an omnichannel collections system fully would waste time, expenses, and resources on collection actions that are not required. Thus, the strategies developed would have no real value. Moreover, customers would complain to the management and feel that the organization does not have their best interests at heart. Customers would be confused and would not know whether to believe the company or not.

debt recovery software

What Do The Statistics Say About Omnichannel Collections?

To help you get a better idea about just how important it is to opt for omni channel collections, the following statistics will help open your mind.

1. Omni-Channel Customers Spend More

According to the Harvard Business Review, one of the most important statistics that you should keep in mind is that omnichannel customers spend about 10 percent more online and 4 percent more in-store in comparison to single-channel customers. Therefore, every additional channel would be able to generate more money for your business.

2. 9/10 Customers Want Omni-Channel

Another study conducted by UC Today showed that about 9 out of 10 customers prefer an omnichannel experience. In fact, customers demand a seamless service when communicating through different channels. It should be reason enough to prepare for omni channel collections.

3. 3/4 of Customers Demand a Consistent Experience

Gladly reported that about 3/4 of customers, or 71 percent to be precise, want a consistent experience no matter which channel they use. This means that companies cannot ditch consistently to save costs.

4. Only 22 Percent of Customers Have a Good Mobile Experience

Tem Kin Group suggests that about 60 percent of organizations believe that they have done a great job when it comes to providing customers with a good mobile experience. However, only 22 percent of the customers agree. This emphasizes focusing your efforts on providing an incredible mobile experience to all your consumers.

5. Omnichannel Strategies Help Boost Customer Retention

Aspect Software mentions that companies that successfully adopt omnichannel strategies benefit from 91 percent higher consumers retention rates than companies that fail to follow suit. Hence, there is no reason to miss out on omnichannel adoption. Otherwise, it would end up affecting your retention rate.

6. Over 60 Percent of Americans Prefer to Solve Customer Engagement Issues Using a Debt Collections Services Platform

Another notable omni channel statistic that you should consider, as reported by American Express, is that over 60 percent of Americans tend to prefer solving all their basic customer issues using a self-service app or website. Due to this reason, you should never take self-service platforms lightly and invest in creating strong self services that customers can turn to solve all their problems. It will help cut down administrative costs and improve your brand reputation. It does not get better than this.

7. About 73 Percent of Customers Shop Using More Than Just One Channel

The Harvard Business Review has found that about 73 percent of customers want to shop using more than just one channel. Customers Today want flexibility when it comes to shopping and handling issues. If your organization does not provide them that flexibility, they will likely not pay you or interact with you.

8. Close to 80 Percent of Customers Made a Purchase via a Mobile Device

Outer Box Design reported that about 80 percent of customers use a phone device to make purchases. This is why it makes sense to provide customers with the option to make purchases using a smart device and offer solutions.

Conclusion:

Once you have finished reading this post, you will come to realize that the omnichannel collection is here to bring about a change. The statistics only confirm what customers want. Hence, it would help if you put in the effort to implement omni channel collections platform. Otherwise, your business would be unable to keep up, and you will lose significant revenue.

Read more about what Jeffery Hartman in his interview with

“An in Debt Discussion” with Jacqueline H. Waller, founder of NOLA, had to say about implicating omnichannel in debt collections

Does text messaging work for debt collections?2021-08-01T17:13:12-04:00

There’s no denying that text messaging is a powerful tool for debt collectors. It works as an added layer of security to make sure you’re getting your money, and it can even be used in conjunction with phone calls or email messages when the debtor doesn’t respond!

Suppose someone owes me money. I always like to have more than one point of contact at all times. Text messages are especially great because they don’t require any real commitment on behalf of my debtor; just reading the message requires their attention, so there’s less chance we will get ignored if our other methods aren’t working too well either–it really does work wonders!

How to create Press-1 campaign2021-05-31T22:42:53-04:00

At NOLA AUTOMATION, we know you are busy and time is valuable. We appreciate your time, so thank you for not making us wait on hold to speak with a representative… we digress 🙂

  • Type Multiple
  • Broadcast Type – Voice
  • Voice Type – Mp3 or Text to Speech
  • Select transfer Number, then continue
Do I need Omni Freight Broker Software CRM?2021-06-14T19:48:05-04:00

Answer: The short answer is YES; if you intend on being effective, you will require some program to manage your freight brokerage organization. Many people who succeed at their freight brokerage recognize extremely early the worth of having an easy-to-use system for effectively handling their client’s freight, invoicing customers, and paying providers. In 2021 you should check out more a streamlined omnichannel solution that also offers phone, email, SMS, ringless, video, interactive IVR, and more to help automate your brokerage business; To learn more on how NOLA can help you with your freight brokerage firm reach out to us. 

What is a softphone? How does it work?2021-05-23T12:43:29-04:00

Sip softphone; What is a softphone? How does it work? SIP Phone uses the Open Standard “SIP” to set up and manage phone calls. IP-based network or “RTP . “

So, What is a softphone?

A Softphone is a software-based application that is typically readily available as an application on your smart device or COMPUTER. It is primarily utilized as the primary phone or an expansion of a desk phone.

Softphones have actually ended up being an extra prominent service to remote employees as it gets rid of the requirement to bring a physical phone with you when you function offsite. It is likewise a much more hassle-free and effective option to link onsite and offsite employees.

Exactly how Does a Softphone Work?

There are 2 primary types of softphones: Desktop softphones and also mobile softphones.

Desktop computer softphones enable individuals to accessibility UC includes right from their computer systems without a desk phone. Just download and install a devoted application from your computer system; attributes like conversations, aesthetic voicemail, file sharing, and extra will certainly be readily available to you.

What is Collection Technology?2021-05-16T23:02:39-04:00

NOLA AUTOMATION specializes in collection technology; we originally built NOLA for the debt collection and legal collection industry. Now we expend our software & services for all sectors & businesses all over the world. Business to People to Business

Who can benefit from using Omnichannel Software?2021-05-15T23:50:38-04:00

Though the propensity is actually to think that simply enterprise-level, large companies and providers are actually well satisfied for omnichannel deployment. The truth is that businesses of any sector can easily profit from the software. Any business, SMBs that correspond with customers all over various channels, must consider Omnichannel. That being actually stated, call centers, debt collection as well as telecommerce companies, lenders, doctors, the education and learning industry, sellers, and software firms frequently view the greatest advantage.

Can I add on more communication channels later?2021-05-08T02:30:50-04:00

Short Answer. Yes. We provided bundled channel options within tiered plans.

What hardware do I need for contact center software?2021-05-15T12:54:16-04:00

All you really need is a good internet connection, a webcam, VoIP office softphone agent headsets, and key pieces of hardware.

What phone number options are available with omnichannel communications?2021-05-08T02:21:48-04:00

In the vast majority of cases, you’ll be able to keep your current business phone number when making the shift over to NOLA. The amount of time will take up to 3 weeks.

What are the obstacles to omnichannel?2021-05-08T01:28:50-04:00

Static Survey Overview:

Businesses are actually beginning to comprehend the omnichannel imperative. Yet achieving is actually proving unexpectedly difficult.

A prejudice towards amplitude. A portion of the cause is actually a misplaced idea that omnichannel’s extensive effects demand similarly gigantic activities, like a completely brand-new IT system or even organization construct to carry all networks altogether. Regularly that “sterling silver bullet” way of thinking leads just to a substantial misallocation of information. Rather, the providers that are actually very most effective in creating the electronic and omnichannel change focus on a long focus on the listing of practical efforts that, as they are actually applied, release the worth entrapped in the crossways one of the badly collaborated networks. Jointly these projects resist pair of bigger issues:

Overlooking range. In our adventure, many businesses often tend to create their electronic and also omnichannel knowledge, thinking that many consumers generally possess the very same demands and also observe primarily the very same experiences. In truth, consumers are actually even more assorted, certainly not merely in their necessities however additionally in exactly how they desire to satisfy those demands.

For instance, a current poll of North American mobile phone clients presented that while around 35 percent would certainly rely on electronic networks initially to cope with a managerial problem, including an adjustment of payment info, just 24 percent would certainly utilize electronic stations to fix a specialized complication. And also, certainly, despite management concerns, the majority of clients chosen either in-person or even phone settlement, highlighting the number of various paths are actually achievable within the same simple experience. Suiting these various habits will need institutions to know their clients much better while ending up being even more pliable in enabling even more alternatives to reach out to the same endpoint.
What is Omni-Channel Road map?2021-08-04T07:18:58-04:00

Creating a Roadmap to Omni-channel consumer interaction results

Clients possess accessibility to even more info than in the past, placing consumers responsible for when, where, and just how they socialize along with companies. That implies labels need to have to concentrate on involving consumers all over these networks, constructing insight-driven partnerships that energy individualized communications along with the relevant information as well as supplies consumers wish, along with the correct circumstance. Generating that smooth client experience across channels is no easy task. Find out how companies can easily utilize Advance Omnichannel modern technology to relocate from ragged to linked knowledge and from vast interactions to customized communications. Observe exactly how to determine the omnichannel maturation amounts, as well as start to organize your personal roadmap to attaining remarkable client expertise along with NOLA.

How to Setup Omnichannel with Live Chat?2021-05-08T00:50:45-04:00

Within the NOLA admin side, all you have to do is go to the dashboard on the left side click Chat and chat, click website chat copy and paste and then add the live chat code to your footer of the website if you’re having trouble, then click the bottom right chat icon for support.

What is Omnichannel Customer Service?2021-05-08T00:42:12-04:00

Omnichannel customer care center experience contains several communications over several touchpoints between a client, or even would-be client, and services or product supplier. Today’s tech-savvy clients count on seamless communications, no matter the different networks or even tools they pick.

What is Omnichannel Contact Center Operations?2021-05-08T00:33:12-04:00

An omnichannel or ” unified ” cloud telephone CRM software is actually a multichannel consumer expertise technique that supplies smooth expertise around all touchpoints. Modern call facilities allow consumers to communicate for support just how they would like to, without discussing their problem repetitively with each opportunity they change channels. As an alternative, clients can easily modify just how they connect easily. As well as, it synchronizes up all your information, therefore customer support representatives understand if it’s your consumer’s very first time communicating or even their 17th

What is a TCPA Compliant Dialer ?2021-05-08T00:24:33-04:00

Click 1 Dialer that Supports TCPA Compliance When it pertains to TCPA conformity remedies for outgoing telephone call facilities, your automated software system is your best possession. To keep very competitive in 2021, you need to have a dialer that sustains TCPA software while improving every aspect of your procedures.

What is Predictive Dialer ?2021-05-08T00:15:08-04:00

A predictive dialer is actually a human click round-robin automated dialer that positions also call just before the representatives appear. It is actually developed to enhance representatives’ effectiveness through calling as many prospects as possible.

Is NOLA Debt Collection Software Free?2021-05-08T00:03:41-04:00
Limited time offer as of May 2021. Be an early adopter of AI Interactive IVR, online payment negotiator, unified all-in-one free debt collection software. Track, Manage, Train, call, SMS, email, video, etc… much, much more with NOLA. 
No Monthly Contracts
Free Seat Cost
Free  IVR
Free Predictive Dialer
Free Zoom like internal  Chat, Video, File Sharing
Can I use NOLA for Legal Debt Collection Software?2021-05-07T23:51:48-04:00

Short answer. Yes, we originally built NOLA for debt collectors.

We have all that you need to collect on debtors using our system. If you need something custom just ask and we will build it in a very short time frame.

Do you offer a web portal for consumer payments?2021-04-28T07:41:27-04:00

Absolutely!

Does NOLA have an integrated dialer?2021-04-28T08:38:06-04:00

Short answer. Absolutely! We started as an autodialer software, then we just got Curious George with it 🙂 and kept building.

Do your current clients have a voice as to how your software should perform?2021-06-05T02:33:27-04:00

Short answer. Absolutely! Before adding new updates to NOLA, we ask our sounding board console, “Our Clients,” and all are involved in the improvement process.

Will your software allow me to adapt to the regulations of our industry?2021-04-28T09:13:07-04:00

Our software system comes with the tools necessary to create compliance tracking files and fields within the database.

Is your system flexible enough to allow me to adapt to new clients?2021-04-28T08:53:15-04:00

Short answer. yes. We built the software for ease of use onboarding & scalability

Does your software provide multi-channel communication for consumers?2021-04-28T08:49:35-04:00

Short answer. yes. We are an Omnichannel CRM software which means we have multichannel integrated old school Fax, IVR, Broadcast, Predictive, Phone, Email, SMS, Ringless, Web chat, Video, etc.

What are NOLA AUTOMATION products?2021-06-05T02:33:57-04:00

We built NOLA initially to help solve our own problem in the recovery industry. Now, it is built for any business or call centers with a sales team or anyone looking to manage clients using an all-in-one platform. We offer Advance CRM, Dialer, Sms, Email, Fax, Ringless Voice, Phone, Video, Video Conferencing, Predictive TCPA Dialer, AI Automation many many more.

 

Published On: May 10, 2021 / Categories: ACA International, Accounts Receivable, Accounts Receivable Journey, accounts receivables solutions, ai collections, Algorithms for Debt Collection, Alternative Drop Cowboy, Alternative Ringcentral, Alternative Simplicity Collect, alternative to, Alternative to Anytime Collect, Alternative to Asterisk, Alternative to batchdialer, Alternative to Beyond ARM, Alternative to CallFire, alternative to callhub, Alternative to CloudTalk, Alternative to Cogent, Alternative to Collection Max, Alternative to CollectMax, Alternative to CSS Impact, Alternative to Dialer360, Alternative to Experian Debt Collection Software, Alternative to Five9, Alternative to Genesys Multicloud CX, Alternative to intercloud9, Alternative to interprose ACE, Alternative to Katabat, Alternative to Latitude Software, Alternative to Mighty Text, Alternative to NobelBiz, Alternative to Noble Systems, Alternative to Ontario Systems, Alternative to PhoneBurner, Alternative to Quantrax, alternative to Ring.io, Alternative to Simpletexting, Alternative to Solutions By Text, Alternative to TCN, Alternative to Text Magic, Alternative to Trueaccord, Alternative to Vicidial, Alternative to Voapps, Alternative to Zoho Dialer, API omnichannel, API payment debt negotiator, Auto Dialer, auto dialer free trial, automated collections software, automated debt collection software, automated dialing system, automatic phone dialer, call center performance metrics, Call Center Phone Auto Dialer, Call Center Software Compliance, Call Centers, casemaster, cheap auto dialers, cheap predictive dialer, click to dial, clientaccessweb, cloud auto dialer, Cloud Call Center, Cloud Call Center Software, collection max, Collection Strategy, CollectOne, Collector.Live, CRM Debt Collection, cssimpact, dakcs, data collection system, debt collection analytics, debt collection automation, Debt Collection Communications, Debt Collection Conference, Debt Collection Law Firm Software, Debt Collection News Sites, Debt Collection Software for Small Business, Debt Connection, debt crm, debt net, debt settlement software, DebtNext, Dialer Software, dialer systems for collections, digital debt collection, epay pdc4u, free auto dialer app, free ringless voicemail, Gamification, genesys, hosted dialer free trial, Interactive Ai IVR, interactive voice response, lariat software, livevox, livevox alternative, NARCA, omni collections, Omni Definition, OmniChannel, OmniChannel Branding, omnichannel debt collection, omnichannel payment, Omnichannel Payments, Omnichannel Solution Call Centers, Omnichannel Strategy, Online Debt Collection Software, Optichannel debt collection, Payment negotiator, Power Dialer, power dialers, Predictive & Manual Dialer, Predictive Dialer, predictive dialer software free, Press 1 campaign, ringless voicemail drops, RMAI Conference, Simplicity Collect, software collect, Teamviewer Debt Collection, Text Messaging, The Future of Omnichannel, voicemail messages, What is a Legacy System / Tags: , , , , , , , /
Go to Top