Customer data is king when it comes to your customer journey through collections. It helps you paint a clear picture of the past, present and future of their finances to support your strategies. And by harnessing it properly, you can shape their future to be one of financial stability.
Analytics are vital in collections to create strategies for each of your customers that result in resolved debt. But in order to have reliable analytics of your customers, you first need reliable data to base it on.
In collections, data and analytics are vital components to helping customers reach financial stability on a personalized level. Data represents the ingredients to a successful collections strategy, whereas algorithms and analytics are the recipe that helps you better understand the solutions individual customers need.
Debt Manager showcases fully configurable data flows so that you have total control over what goes in and out of your systems. Once configured, automation takes over to save you time, money and valuable customer face time.
Customer communications are the bread and butter of the collections process. Building a reliable back-and-forth with your customers leads to mutually beneficial outcomes; you can improve collection performance and your customers can reach financial health.
AI provides collections businesses with a range of tools and capabilities to both humanize the process for customers and enhance collection performance for credit issuers.
Data management in traditional collections processes is time consuming. Teams need to procure information from different sources (specific departments, third parties, storage locations) and then perform manual analysis to inform their engagement with each customer.
Debt Manager, C&R Software’s industry-leading platform for debt collections and recovery, has a wide range of powerful AI- and ML-enhanced features. In this guide, we review these features, examining their use cases and benefits.
When treatment paths are solely left up to AI and Machine Learning (ML), customers may be sent down an ineffective repayment plan. Audio analysis humanizes collections and recovery by identifying customers facing difficulty in ways that are invisible to data, ML and segmentation.
Factors including the pandemic, rise of short-term payment plans and increasing cost of living has catalyzed the global rise of household debt. More customers have entered collections than ever before, highlighting the inadequacy of traditional collections processes to meet the challenges today’s consumers present.
Modernization of the collections and recovery industry is moving at lightning-fast pace. Legislative changes have made companies rethink their processes, customer centricity has become a primary focus, and AI is is more widely adopted.
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