Increase ROI, Reduce Risk and Improve Collections
With ContactEngine’s powerful AI engine, you can:
- Automate 75% of your collections journeys: by accessing customer data and engaging in a proactive, 2-way personal interaction with the customer
- Reduce time to collect and the impact on revenue: by engaging more customers earlier in the process, solving issues and arranging payments
- Increase payment rates: by identifying customer intent and offering an automated and straightforward in-channel payment / payment option
- Reduce call-center volume – by freeing up call agents to focus on more complex cases
How ContactEngine reduces costs and improves customer service
to client systems
Using SMS to Increase Collections Payments
One of the leading North American Communications Service Providers (CSPs) implemented ContactEngine using their short code and compassionate communications to test the effectiveness of SMS collections communications. In just the first week of the collections treatment process, the use of intelligent, natural language AI, dynamic engagement strategies, and easy-to-trigger payment transactions were shown to increase payments received by 15% and payment arrangements by 47%.
This result stems from the ability AI technology has to identify customer intent and offer an automated and straightforward inchannel payment or payment arrangement option.
And results for the CSP:
- Payments: A 15% increase in customers making a payment
- Cures: A 19% increase in customers removed from collections
- Amount paid: A 22% increase in dollars owed were received
- Payment arrangements: 47% increase of payment arrangements
- Days to pay: 20% decrease in days to make a payment
The company saw the greatest financial impact with 22% additional dollars collected, followed by the reduction of days to pay by 20%.
Related Insights and News
In this e-book, we will look at how societal attitudes and the meaning of debt is changing. We will analyze what recent legislation changes mean for your business and break down the traditional debt collection user journey to reveal how friction can be removed from each step using ethical, proactive conversational AI.
As the nature of debt changes, so too must the way businesses respond. We reveal three trends in consumer debt and explain how you can ensure your business stays ahead of them.
If your customers are dissatisfied by the AI tools you have implemented, it’s a fault of the application not the technology. Chatbots are great for making happy customers happier but drastically fall down at dealing with more complex problems. Debt collection requires a better, more sophisticated, proactive solution.
Debts are soaring for Gen Zs entering the working world - a generation that's been hit hard by Covid-13 and it's many repercussions, along with a surge of new technologies replacing the entry-level jobs that would have been their career stepping stones. Let's talk about how you can win their favour as they enter this brave new world and help them to have successful, debt-free customer journeys. You may just win their loyalty for life.
Compassionate Collections: By employing these 5 practices, you can increase the amount of money you get back while living your company’s humanistic value
Not all debts are created equally. Some are easy to get back, others will be lost forever. Only by combining intelligent data capture with intelligent communication can you hope of finding out which is which on a mass scale. With proactive conversational AI, you can quickly probe your debtors to find out which levers you need to pull to guide the issue to a favourable resolution.
2023 Guide: Improve Collections and Customer Service – Strategies for Successfully Reducing Risk and Improving Customer RetentionREPORT
This practical report focuses on compassionate strategies to mitigate this rise in debt coupled with consumers’ decreased ability to pay. The strategies have new digital possibilities at its core, and is always respectful of both legal and ethical issues within both North America and the United Kingdom.
If done well, the way you handle debt collection can not only recover what you are owed, it could also work as something of a customer sales tool – keeping that customer with you as their finances restabilise.
Book a Demo
Schedule a time to speak with one of our specialists about how a proactive customer service solution would increase efficiency while reducing costs.