Collection Analytics That You Must Know
Collection agencies specifically work for debt collection to collect EMIs for loans, credit card bills, mortgages, etc. Along with having skilled agents, the collection companies also need the best tools such as a contact center solution.
The contact center solution offers features like predictive dialer, lead grouping, etc. to speed up the process of collection calls. However, still, this is not it. The collection companies will also require add-ons. We have developed a specific add-on, called the collection module. Call center collection integration integrates the collection module within the call center software. The collection module has amazing features and automation to empower collection agencies. One of the useful features available in this software is reports and analytics.
The collection analytics can help collection companies to operate more efficiently and increase money collection as well as score and credit as an efficient collection agency.
For this, the collection companies need to monitor key collection analytics. Here is a list of collection analytics that has to be measured:
1. Customer segmentation
In collection campaigns, there are three types of customers:
- Customers that pay on time, sometimes without reminders, too
- Customers that need a push and
- Defaulters who need to push really hard and still may not pay the EMI
The call center solution with an integrated collection module can be used here. In this case, the collection module will allow collection companies to create a bucket list of customers. The analytics given in the contact center solution that is integrated with the collection module can help collection agencies to segregate customers depending on their paying habits and other facts.
2. Call connection rate
The collection companies do a tough job of reaching a client and ask for debt collection. The reason it is a tough job is people are likely to avoid this type of call. Therefore, the collection companies need to keep an eye on the analytics that gives the value of the call connection rate. This can help collection agencies to make a strategy to increase the call connection rate. One of the most useful ways to increase the call connection rate is using the call rotation method. Call rotation can be done using different call routing strategies available in the on-premises or cloud call center solution. It reaches the customers during different times of the day and multiple times in a month or a week, so the probability of attending a call increases and the success rate, too.
3. Response rate on communication channels
The collection agencies need to use multiple communication channels to reach customers to ask for payment. The omnichannel contact center solution can simplify this job as within a single platform, unified communication channels can be used. The collection analytics that shows which communication channel is preferred by customers should be used to increase the customer response rate. The collection agencies can reach the customers via their preferred modes of communication and increase the response rate.
These are three major collection analytics metrics that collection agencies must measure.
We offer the best contact center solution with unified communication support. We have also developed a collection module to automate and empower different operations in a collection agency. Contact us to get further details and book a free demo.