Maintaining a robust credit ecosystem requires high efficiency in debt collection, especially as digital lending models expand. However, one of the primary challenges faced by collections teams is continued engagement with borrowers after each call. Collections teams need to adopt a borrower-centric collections strategy by guiding late payers to use cost-effective digital self-service tools.
Borrowers may filter or reject persistent phone calls, so frequent nudges may not be well received and negatively affect their overall experience. Moreover, there has been a notable shift from aggressive tactics to a more empathetic approach, aligning with evolving consumer preferences, especially in digital communications.
Credgenics introduces the Post-Call Communications Strategy on Credgenics’ Dialer to tackle these challenges. This strategy enables teams to overcome engagement hurdles with automated soft digital nudges assisting the tele-calling efforts. Lenders can automate sending messages via selected digital channels and call dispositions as soon as a calling agent has connected with the borrower for repayment via dialers. This strategy ensures keeping the lines of communication open proactively.
Introducing Credgenics’ Post-Call Communication Strategy – A one of its kind feature for the collections industry
Credgenics’ Post-Call Communications Strategy is a game-changer for collections teams, offering a seamless and automated approach to post-call communications after calling a borrower. By mapping channels and templates based on post-call dispositions, the messages are sent to borrowers through lender-approved channels, including SMS, WhatsApp, IVR, Voice messages, and E-mail.
The offering includes settings for all three modes of campaigns – Predictive dialer, Autodialer & Click2Call. Upon activation of this setting, every digital communication channel provided by Credgenics will be listed on the lender’s dashboard, and a corresponding approved template will be chosen from the template management system. These templates will be fetched based on the company’s preferences for post-call triggers corresponding to the selected disposition or call status.
Impact on Debt Collections:
Implementing Credgenics’ Post-Call Communications Strategy has a profound impact on debt collections. Collections teams experience stronger borrower connect and increase the likelihood of successful debt recovery. Furthermore, the streamlined follow-up processes save time and effort for agents, leading to improved debt collections efficiency.
Key Benefits of the Post-Call Communication Strategy:
- Tailored Messages: With the ability to craft personalized messages based on post-call dispositions, collections teams can ensure that communications resonate with borrowers, thereby increasing the likelihood of not breaking up communications with the borrowers. Sending approved templates to borrowers also ensures that the agents are not harassing the borrower for loan repayments in text or while calling.
- Preferred Channel Connectivity: By reaching out to borrowers through their preferred channels, such as SMS, DTMF, Email, IVR, or WhatsApp, collections teams can improve overall communication effectiveness.
- Automated Communication: The automatic triggering of communications based on predefined dispositions saves time and effort for collections agents, allowing them to focus on high-value tasks and strategic initiatives.
- Improved Conversion Rates: Lenders can leverage post-call dispositions to send tailored messages that resonate with borrowers, increasing the likelihood of desired outcomes such as a nudge for payment or feedback.
Conclusion:
Credgenics’ Post-Call Communications Strategy represents a paradigm shift in debt collections engagement, offering collections teams a powerful tool to overcome breaks in communication and create a personalized approach. Personalization extends beyond simply improving reminder effectiveness; it cultivates trust and empathy. When borrowers feel acknowledged as individuals, they are inclined to participate more positively in the repayment process.
By enabling tailored messages, preferred channel connectivity, and automated communication processes, the strategy enhances borrower engagement, streamlines follow-up, improves calling agent productivity and drives success in debt recovery efforts.
If you want to transform your debt collections strategy with the power of digital and data-powered insights, reach out to us to request an exploratory session at sales@credgenics.com or visit us at www.credgenics.com.
FAQs
1. When and how often can a debt collector call a borrower on the phone?
According to Indian regulations, debt collectors can typically call a borrower between 8 a.m. and 7 p.m. local time. The frequency of calls may vary depending on the lending institution’s policies and any specific agreements made with the borrower. Debt collectors need to follow ethical practices and avoid harassing borrowers with excessive calls. Debt collectors need to adhere to these regulations to avoid any potential violations of the borrower’s rights.
2. Is it necessary to inform borrowers about the recovery agent details before initiating the process?
Yes, as per the Reserve Bank of India’s direction, digital lending entities need to disclose the names of their empanelled agents authorized to contact borrowers in case of loan default and also intimate the details to customers before initiating the recovery process.
3. How does the Post-call Communications Strategy integrate with the existing collections process?
The Post-Call Communications Strategy helps maintain effective communications with borrowers after each call by automatically sending tailored messages through channels such as SMS, WhatsApp, IVR, Voice messages, and E-mail based on the outcome of the call.
Author: Kunal Rajput , (Product- Credgenics)
