Your customers & members prefer Texting for Collection communication. With 98% open rate and only 3 mins to respond, Texting is the new way of collection communication. Use automated reminders and collection notices during early stage delinquency and 1:1 Text along with Video communication during late stage, delinquency to collect better.
According to McKinsey study, the digital-first customer segment is 12 percent more likely to make a payment when contacted by their bank through a preferred digital channel in early delinquency. In late delinquency, this likelihood rises to 30 percent. The proportion of these customers who pay in full doubles when they are contacted through digital channels. Connecting with your members & customers digitally means increasing your collection rates.
Delinquencies spikes with business cycles. With 75% chance of recession in next 12 months, get your team ready to handle the spikes in delinquency by integrating Eltropy with your collection system. Set up automated reminder and notifications for collection and training your collection officers to use 1:1 Texting and Video calls in late delinquency situations.
Members respond positively to empathetic messages from their issuers. Use conversational analytics to see what messages are performing the best, and scale the best performing messages in your collection process. Continuously optimize your collection practice with insights from AI driven conversational analytics.
Accelerate Collections Digitally