By utilizing a variety of communication channels, creditors and collection agencies can engage with Consumers more effectively and with a more customer-friendly approach to increase collections.

What is a Multi-Channel Communications Strategy?

While traditional collection methods such as phone calls and collection notices remain relevant, digital modes of communication like email, text, and online chat can elevate your collection strategy to new heights. By incorporating new communication channels, your institution is providing Consumers with communication options and accommodating their preferred methods. This, in turn, allows your internal collection teams and third-party collection agencies to significantly increase their chances of securing payments.

How Your Institution can Benefit

With only 19%¹ of Americans answering calls from unknown phone numbers, traditional collection methods, like phone calls alone, often struggle to reach Consumers.  By partnering with a collection agency that uses a variety of communication channels, you can anticipate greater success in reaching Consumers. Meeting Consumers on their preferred communication channel will lead to increased contact rates and ultimately a faster resolution of past due accounts.

Utilizing multi-channel communication methods can also greatly enhance your Consumers’ customer service experience. Discussing a debt and your financial situation can be a very vulnerable and uncomfortable conversation to have with a live person. Providing alternative communication options such as email, text messaging, or secure online portals offers a more private and convenient way for Consumers to engage. By accommodating the Consumer’s preferred method of communication, they will be more comfortable and open to discussing their account and debt resolution. This customer-centric approach will reflect positively on your institution’s brand.

Collection agencies can also greatly improve efficiency by investing in multi-channel communications. By leveraging technology to automate personalized messages, reminders, and follow-ups, agencies can expect increased recoveries on charged-off accounts and improved revenue streams.

Conclusion

Multi-channel communication strategies are transforming the collections experience by providing a range of contact options with the Consumer in mind. Creditors and collection agencies can increase efficiency, improve contact rates, and ultimately enhance recoveries by investing in new, digital communication methods. To learn more, download our free E-Book “The Evolution of Collections Through Multi-Channel Communications” and contact ConServe to discover how we can support your institution in effectively connecting with and obtaining payments from your Consumers.

^{1 Pew Research Center: Most Americans Don’t Answer Cellphone Calls from Unknown Numbers}