In 2018, national debt in the United Kingdom was around 2.36 trillion U.S. dollars. With Statista projecting that this will rise to 2.77 trillion by 2024, it should come as no surprise, that banks and councils are increasingly willing to offload debts to debt collection agencies.
Often one of the greatest challenges and pain points associated with debt recovery is the ability to converse with the customer. As such, the chosen communication channel can have a huge impact on the success of the debt collection.
95% open rate
38% increase in customer engagement
32% conversion rate
Introducing Mobile Collections
At Esendex, we have a wealth of experience in the debt collection sector, and can pass on that knowledge to you through our Professional Services team. They’ll work with you to create a low-touch, effective and profitable communications strategy, allowing you to scale up your debt collection business without hiring more staff.
As demonstrated above, using our platform agents can focus on customers who’ve responded to SMS and Voice messages, rather than making resource-hungry outbound calls.
How Cash4U utilised Mobile Collections to secure £516k of debt
Through our multi-channel platform, we were able to create a collection solution for responsible short-term loan provider, Cash4UNow. This allowed them to collect payments from customers in the most cost-effective way, maximising income. Just a few of the system benefits include:
• Over 90% of the payments taken by Cash4UNow are received through the Mobile Journeys platform
• From the period of Jan 1st to July 31st 2019, the Mobile Journey collected over £500k of debt
• The cost to collect these payments was only 1.3% of the total amount received through payments
Moreover, we’re proud to say we are accredited to ISO 27001 by the United Kingdom Accreditation Service (UKAS) and ensure that all of our solutions meet the FCA and Ofcom requirements regarding the fair treatment of customers.
We’d love to hear from you
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