Economic conditions over the last three years have encouraged collections departments to focus on technology more than ever before. For many, this means integrating new technology and building strategies around them. However, a huge number of collections departments are trying to teach an old dog new tricks, and it’s working. What’s the old dog?
And the new tricks?
Leveraging phone behavior intelligence to reach the right customers at the right time.
Decision makers in collections departments “link their business goals of increasing revenue with improving the outbound call experience,” according to TransUnion’s whitepaper, The State of Customer Outreach.
In fact, despite the industry’s new-ish adoption of texting and email, 87% of collectors surveyed still believe that the phone channel is still the most important outbound contact channel. Outbound calling isn’t what it used to be, though; Regulation F has significantly limited the number of outbound calls collections departments can make, and it’s really hard to get people to answer their phones.
How can collections departments use phone behavior intelligence to get surprising success out of outbound calling?
1 – No more guessing. Verify the consumer’s number before calling. Not only does this eliminate inefficiencies, but it also reduces the likelihood of third-party disclosure issues, complaints, and negative reviews.
2 – Prioritize. Without Phone behavior intelligence, prioritizing calls is like throwing darts while blindfolded. Knowing who is likely to answer and who isn’t creates efficiencies that are impossible without this technology.
3 – Get the timing right. Intelligence that says when the best day and time to call consumers is critical to giving agents the best chance of reaching the right person at the right time and sets them up for collections success.
4 – Stay compliant. Good intelligence can notify collectors about compliance risks in contacting consumers, like Do Not Call or Litigious Consumer flags. It’s an extra layer of protection against potential lawsuits and complaints.
Good collections strategies must include some form of outbound calling. To get the most out of that strategy, collections departments should invest in some form of phone behavior intelligence.
Read more about the technology collections decision makers need for a successful outbound calling strategy. Get The State of Customer Outreach Here.