While text messaging holds great promise with over 103% of the US having cell phones (CTIA), utilizing it as a communications channel is not without challenges and concerns. Text messaging offers a tremendous opportunity for collections organizations to increase their results by tapping into a highly effective, scalable and affordable means of communications.
While there are some concerns around compliance, this shift to text messaging can be transformative for the entire collections industry. In fact, auto-pay text messaging more than doubles same-day payments.
In a recent case study conducted with a top 5 US bank, a goal was set to raise collections results by adding text messaging to outbound IVR. The program was so successful, that among text-enabled recipients, text messaging boosted results by 470% over voice-only. On top of increasing payments, text messaging can help reduce the operational costs to collect by:
– Simplifying compliance by validating mobile numbers
– Integrating with the voice, dialer, web, and email channels
– Routing messages that require live follow-up to agents for voice text response
For many, the mobile phone has become their primary communications device, and text messaging is a key channel. However few collection agencies are able to leverage the power of this channel. Many collectors want to start a text program, but have questions about how to ensure they stay in compliance with applicable laws and regulations.
Interested in integrating text messaging into a collections program? If you are attending the Financial Services Collections + Operational Risk Conference, come see John and I speak, Tuesday, October 22nd, from 2:00-2:45 p.m. CT or download 5 Questions About the Use of Mobile Text Messaging for Collections today.