When it comes to debt collection, 2021 has a lot to offer. There are plenty of key technologies that you can utilize to take your debt collection to the next level. Instead of sticking to labor-intensive tasks involving managing accounts receivables, sending emails, working with delinquent borrowers to structure their payment plans, and making a huge quantity of calls, the latest software helps take care of everything and more. The fact is that performing manual tasks prevented businesses from truly focusing on debt recovery and increasing revenue. There is much hope if you ditch the antiquated debt collection process.
Top Tech-Driven Movements Debt Collection Industry
The entire debt collection landscape is changing in 2023, and the following tech-driven movements are the reason behind this.
1. Virtual Agents
Virtual agents are animated characters or avatars that help enhance customer experience. They would side into the email of each borrower to win them over and convince them to agree to a payment plan. Research shows that virtual agents are highly effective and help boost the chances of settling accounts. When borrowers engage with a personable live agent, they are three times as likely to address the debt compared to using a traditional collection site. This clearly shows the power of virtual agents. They are a debt collection technology trend that you cannot ignore.
If you are struggling to increase debt repayments, it is about time that you invested in virtual agents to help save the day. They allow you to address debts in the best way possible. Please take advantage of their capabilities to win clients over and get them to pay up. The best thing about virtual agents is that they can easily speak and chat with debtors in multiple languages. They even consider the credit score of the borrower to suggest the best payment plan. Another great thing about virtual agents is that they ensure that customers do not feel embarrassed about their inability to pay off their debts. Thus, they will have an easier time communicating with a virtual agent.
2. Gamification
Gamification has taken over numerous industries, and the call center industry is no stranger to the technology movement. The debt collection technology boosts engagement and the overall performance of debt collectors. If you want agents to perform better, you need to implement gamification to take the right step forward. You will find it to be just what you need to grow and succeed.
Implementing gamification is very easy. It will motivate and encourage agents to keep going. In essence, each debtor would become a character in a video game, and debt collectors would be rewarded for faster repayments, higher recoveries, and the like. Gamification provides unlimited growth opportunities. Hence, you must introduce it. You will find it to be beneficial. Besides, the technology would also provide you with valuable insights into the performance of each debt collector agent. The moment you implement it, you will immediately start to see results. The truth is that debt collection technology would be incomplete without gamification. Hence, it is worth pursuing.
3. AI-Driven Customer Engagement
Maintaining positive connections should always be a priority for every business regardless of whether customers are repaying a debt for quite some time now or are first-time debtors. It is imperative to preserve strong customer relationships and prove to customers that you are on their side. Deeper insights are needed by collection agents to achieve this. They need to know where and how to engage customers to provide them with an optimal experience perfectly. However, there is no need to worry as AI is here to save the day. It takes care of everything.
AI allows debt collection agents to track customers and learn about their unique preferences. Then, the insights obtained can establish an effective contact strategy for ensuring the viability of a resolution. Before predictive analytics, agents had to make guesses and rely on their gut. Today, they can leverage data to better engage with customers to establish long-lasting relations. It does not get better than this. Customer engagement is something that you cannot afford to overlook. You can use the latest software that leverages AI to learn about each customer and communicate with them in the best way possible.
4. Ringless Voicemail Drops
Another tech-driven movement that we will see more of in 2021 is ring-free voicemail. Collection agencies worked around regulations for years for managing limitations on contact channels and how frequently they called debtors.
With the newest software, agencies can manage regulations like never before. Agents can place voice messages so that debtors can easily access them through their voicemails. These voice messages are also called voice alerts. They allow agents to send voice messages without a ring. Thus, it is possible to effectively optimize contact patterns to ensure compliance with regulatory requirements and optimize the number of contacts.
Collections agencies will find the technology to be highly beneficial. It is also good news for debtors as they would get to better connect with agents. Convenience is provided to both the agent and the debtor. Debtors get to respond to customers with ring less voicemail drops rather than ambushing customers. This shows just how far debt collection technology has come. Moreover, customers would no longer be annoyed as they would get to communicate at a time that suits them best.
5. Speech Analytics
Artificial intelligence and machine learning are paving the way for speech analytics. State-of-the-art language recognition software enables agents to manage the tone of the conversation and identify the emotional state of customers. Specific words used by the collections agent and the customer would be tracked to generate prompts for guiding the conversation in the right direction. Hence, a positive tone can be maintained. Such programs allow the collection center supervisor to monitor calls as they move along and offer further attention to those calls that require help.
Speech analytics is extremely effective. It automatically identifies the speech, tone, and overall conversation. Collection center supervisors can utilize the technology to evaluate agents’ performance and provide them with further advice when needed. Speech analytics has the potential to ensure that a consistent brand image is maintained. It steers the direction of the conversation and ensures that everything is monitored and perfected. Using the software, you get to identify which agents require further training and which agents should be rewarded for their positive effort. Hence, the new technology goes a long way in helping the call center send the right message to customers.
Conclusion
Technology advancements in the debt collection industry have revolutionized how companies operate. By incorporating the above technology movements, you can easily compete with major players and make your own name. This year is expected to be a breaking point. Hence, it would help if you took all your chances by ensuring that the advancements are leveraged for increased retention, loyalty, and repayments. Debt collection technology has the power to correct your performance and provide you with the ability to better communicate with customers while making compliance with regulatory requirements. The time is now to make decisions.
