Major KPIs of Collection Agency for Call Center
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Due to increase demand and easy availability of loans, the number of collection agencies has increased. The standard tools and processes cannot meet the operational needs of these collection agencies. To save time and boost performance, collection agencies need to invest in more specific tools and processes.
For example, standard call center solutions are not enough to meet the operational needs of collection agencies. Therefore, they need to obtain a call center solution, which has customized features to let collection agencies perform their operations.
We, Elision, have developed a collection module for the users of our proprietary call center solution, namely, DialShree. We offer call center collection module integration to collection agencies, so they can use the required features without wasting time.
Similar to a call center solution, collection agencies also need to measure different KPIs to improve performance and boost business growth. In this blog, we will share major KPIs (Key Performance Indicators) to be measured and improved by the collection agencies.
1. Contact per day
This is one of the basic metrics, collection agencies need to focus on contacting as many leads as possible for the collection. Contacting more leads also indicate the productivity ratio in collection agencies. By reaching leads also signify having a clear status of the collection based on the response of the customer. In the reports section of the call center solution of the collection module, this information is usually available.
2. Right Party Contacted (RPC) rate
In a collection agency, it is necessary to get connected to the right party. Here, the right party means the person who is a debtor. If the agent cannot connect with the right party means he cannot ask about the payment. In this case, the success ratio will go down as until the agent reaches the debtor, he just cannot get the collection. Moreover, the resources get wasted. For example, auto dialers of the call center software attempt dialing a non-existing number or connecting agent with the wrong people is a complete waste of resources.
These entire facts made the RPC rate very important for collection agencies. The higher the RPC rate, the higher the success rate, collection, and popularity of the collection agency. On the other hand, the lower RPC rate means something is wrong, which works as a barrier to the success of the collection agencies.
Usually, this report is not available in the call center solution even after call center collection module integration. Therefore, you might need to invest in customizing the software to get this report.
3. Promise To Pay (PTP) rate
As the name suggests, this metric shows the success rate in terms of how many people promised to pay the EMI on time or soon. PTP rate is one of the success metrics. Therefore, for collection agencies, monitoring this metric is very important. With call center software customization, you can get the report in your call center software to check this metric.
We offer a collection module with custom features, dashboards, and reports. Contact us for more details.