The SoftWave Contact Automation program delivers a rules-based email contact strategy that replaces human, manual work with machine logic to control the sending and receiving of compliant email messages.. This reduces the amount of time an agent spends on each account. By sending the consumer measured email and text messages and not just dunning notices, the collection experience is softened. Messages can include a number of different types of content including text, audio and video messages which can effective for consumer education purposes. Providing an unattended channel, this allows the consumer to respond on his or her schedule, 24/7. Properly developed processes and decision automation can significantly change the economics of the collector by reducing staffing and increasing compliance and liquidation rates.
An agent ends up on average handling 200-500 accounts. But, with strong process and decision automation, this number increases dramatically. By utilizing automated and electronic communication channels, the program can follow up with consumers in shortened cycles, allowing them to work with larger portfolios of accounts compliantly. Once an agent can handle larger volumes of accounts using automation the cost and risk will reduce accordingly.
Using Soft Waves of electronic messages, relevant settlement opportunities are presented to the consumer the way in which they prefer to engage, and provide data on when those offers might be accepted. Over time, we can learn from the customer’s behavior to become Uber effective.
The debt collection process isn’t a driver of customer satisfaction. If anything, it’s a high source of risk. The thousands of calls you make daily are more likely to create risk today than ever before.
But when you automate debt collection, many of these problems will disappear or be significantly reduced. Once the risks are diminished, more opportunities will arise.