Small debt recovery is regularly considered one of the most challenging collection types in the debt industry. In cases where a small debt is owed, often cost of debt recovery the will outweigh the value of the debt itself.
These smaller debt recoveries can prove troublesome for organisations, as frequently customers will be unaware of the monies owed. For example, they may have missed a communication regarding a final balance when moving house.
However, with recent research revealing that just 45% of UK households have a landline, compared to 84% having a mobile phone; perhaps one of the greatest challenges is ensuring that small debt recovery processes are optimised for an increasingly mobile population.
1.3% cost of collection vs total collected
38% increase in customer engagement
32% conversion rate
Introducing Mobile Collections
Working with our Professional Services team, you can create a communication strategy that enables your customers to self-cure their debt, in a mobile optimised framework.
As illustrated above, a collection strategy can be created which takes into account the age of the customer, debt and outstanding balance, to identify the preferred communication channel for each customer.
How npower utilised Mobile Journeys to increase final debt payment from 4% to 19%
Using our multichannel platform, we were able to create a solution for utility provider npower which increased final debt payment from 4% to 19%. Whilst also enabling npower to:
• Promote friendly, fair, non-intrusive customer contact
• Provide a mobile focused, intelligent, self-serve technology which added convenience for the customer, and reduced the cost to serve
• Create a new workflow to replace any reliance on outbound activity from npower’s call centre
• Achieve payment via the most cost effective communication channel, with the ability to switch between communication channels as required
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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