What is Debt Collection Software?
Debt collection software may streamline collections operations and improve operational efficiency by assuring increased coverage and connect rates with ease. With clever debt collection software, higher Promise-to-Pay (PTP) rates can be achieved. Automating routine or ineffective procedures, such as sending payment reminders, allows collection agents to focus on more critical issues and accelerate debt recovery.
Debt Collection Software Features
The following features distinguish debt collecting software:
- Notes and call logs
- Key Performance Indicators and Collection Scoring (KPI).
- Credit reports are available.
- Debt dispute resolution.
- Processing of payments
- Deduction management, accounting, and CRM software are all integrated.
Why do you need Debt Collection Software?
- Automate Debt Recovery Process: Increase customer coverage and ensure faster debt recovery with advanced debt collection tools. Collections bot can handle first-level enquiries, allowing agents to focus on more pressing issues. To strengthen the debt collection process, quickly maximize collections profitability and improve agent performance by auto-segmenting customer buckets based on delinquency level, debt age, and customer behaviour.
- 100% Visibility Into Borrower's Profile: Provide your agents with aggregated borrower data to help them put each encounter in context. When agents have information on the customer's borrowing cycle, previous meetings, onboarding time, and so on, they are more likely to tailor the interaction.
- Automatic Distribution of Cases: Allow an expert to handle each collection situation. When a borrower seeks assistance from your representatives, they want a speedy response. Directing them to the appropriate agent or specialist will expedite the collection process and increase the first-call resolution rate. To make the debt collection process go more smoothly, automatically map and distribute cases depending on geographical location, last payment reminder, IVR choices, and agent availability.
- Humanized Collections Bot Handles Queries: A humanized collections bot can cut the cost of customer coverage for loan collection by 70%. Create new call flows to automate a few operations in the existing collection process. By pushing the outcome of the dialogue in real-time to the CRM, you can make data-driven decisions with the humanized collections bot. When the bot fails to understand the customer's request, seamlessly redirect the query to a human representative. You may automate first-level queries with debt recovery software and ensure agents focus on essential issues, lowering the stress of dealing with enormous caseloads.
- Personalized Payment Notification: Debtors can keep track of their next instalment's due date by receiving timely alerts. To achieve a high recovery rate for debt collection, automate the workflow and send payment reminders by WhatsApp, Bot, Email, SMS, Voice blasts, and other methods.
- Analytics that Guide Strategies: Keep track of critical contact center analytics for your company. Using sophisticated analytics dashboards, you may assess collection efficiency, customer insights, and team performance. To improve the debt collection process, track indicators such as the number of clients who reply to automated notifications, pending payments, continuing payment activities, voice blast performance, and so on. This allows you to make an informed judgment on the recovery rate and plan accordingly.
You can checkout the list of the best Debt Collection Software here.