Save money through automation

Without automated tools, your collections team is at a significant disadvantage. Automating repetitive tasks such as payment reminders, income and expenditure forms, and payment arrangements can lead to significant and immediate savings. Digital solutions streamline these processes, allowing your team to focus on tasks that add real value.

Reduce exposure to bad debt

Manual collections processes are often slow and prone to errors, which can cause debt to progress from late payments to delinquency. Online self-service options can quickly address missed payments and effectively manage early-stage collections. By enabling customers to quickly resolve issues independently, you can improve pre-30-day collection rates and prevent potential provisioning problems.

Continually optimise your collections processes

Lenders must adapt to changing social, economic, and regulatory conditions. Consistent data and valuable real-time insights allow your debt collection team to test and refine strategies, ensuring operations remain resilient and effective. Online journeys can be quickly adjusted to accommodate changes, so there’s no interruption or inconsistency during periods of change.

Resilient, optimised operations consistently collect more.

Deliver compliant consistency

Modern technology plays a crucial role in ensuring consistency and compliance in debt collection. In a holistic collections system, online journeys use the same rules as agents and synchronise with your core systems in real-time so that treatment is always timely and appropriate. Software with a reliable audit trail ensures you can easily provide regulators and your oversight team with the necessary information. This reduces the risk of hefty fines and keeps the cost of compliance down.

Remove friction in customer engagement

Debt can be a source of embarrassment and stress, which can discourage customers from reaching out. The longer they leave it, the more expensive it is to collect.  By making engagement convenient, discreet, and accessible, you can encourage early payments. 

While some customers will still require personal assistance, a streamlined, user-friendly approach allows agents to work smart, focus on complex cases, and more effectively support vulnerable customers. Working smart enables you to vastly increase your book without a corresponding increase in headcount.

Modern software delivers all of these advantages and more to help you reduce costs, collect more and offer superior customer service.