Reduce Bad Debt and Improve Customer Retention

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

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
  were negotiated
• 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%.