The debt collection process is far from simple. There’s complexities to be found in handling different customers, their situations, and developing personalized treatment plans. In light of this complexity, you need an end-to-end platform that’s fit for purpose. These platforms provide the in-depth features needed to help customers reach resolutions in the modern collections space. Let’s dive into these purpose-driven debt collections platforms, and why they are necessary in the modern collections climate.
Data-driven to debt resolution
Efficiently collecting data points on your customers determines collection performance by finding the most effective treatment path. But doing so manually takes a considerable amount of time compared to a powerful rules engine that automatically determines the most effective course of action.
For example, a customer only just overdue for a small balance may be best dealt with through an SMS message prompting them to a self-service portal. However, a customer that's showing they are less likely to pay, and with a higher outstanding balance, may be most effectively reached by way of a phone call; a powerful rules engine determines this for you.
A single purpose collection platform uses data-driven processes and AI tools to interpret customer data and assign appropriate treatment paths based on your workflows that can be adjusted freely. This configurability lets you better manage the individual customer, so that all of your customers can benefit individually.
Agility in a dynamic space
The advantages of configurable collections platforms become clear when used in the dynamic setting of modern collections. There are layers of regulatory compliance, industry specific nuances and customer characteristics that all need to be taken into account. Standard platforms simply cannot adapt to changes in each of these layers, and that’s not even all of them!
Single purpose debt collection platforms bring the necessary feature of agility to collections. Whether it's a simple customer workflow rule change or a process-wide overhaul, any adjustment is integrated throughout the platform in real-time. All you need to worry about is your customers, rather than the technicalities of the software.
Making customer engagement easy
Customers expect the freedom of choice when it comes to engagement. For you, that means not only providing each channel of communication, but making sure they are equally responsive. And don’t forget about making sure you’re compliant with regulation at the same time.
Single purpose debt collection platforms simplify customer engagement so that you always know when, where and why you’re engaging with them. These platforms record a history of engagement with each customer, then use that data to identify the channel they best engage with. That way, if you send something urgent to a customer, you can be confident that they’ll see it. Plus, you’ve got a fully traceable audit trail accessible whenever you need it.
Debt Manager: a single collections platform with everything you need
To properly support your customers through the collections process, you need a single purpose platform that is solely focused on helping you achieve that.
C&R Software’s industry leading Debt Manager is a single purpose platform that serves to help customers reach financial health. With data-driven process, adaptability and omnichannel support, you provide humanized processes that are proven to enhance collections performance.
To find out more about Debt Manager and how it can provide the specialist services you need, contact a member of our team today.
