The debt collection industry has a bad reputation; years of aggressive and sometimes threatening communications from agencies have led to becoming one of the most complained about to regulators. The industry itself is also somewhat stuck in the past, relying on traditional and archaic methods of call centres and sending letters. Most agencies lack real process automation and require a lot of manual input, which costs significant time and effort. The industry also has little to no interest in the huge benefits of being data focused. Today customers expect efficient and user-friendly services through more mobile and digital channels.
One start-up decided to dream big; CollectIC envisioned a revolutionary platform which would send shockwaves through the debt collection industry where no compromises will be made on the customer experience: It should employ the latest techniques and technologies in data and analytics; it should anticipate trends and developments so that it can be future-proof; it should seamlessly integrate scalability and user-friendliness; it should allow customers to communicate through their preferred method; it should remove as much friction as possible from collections…
Ambitious? Definitely. Realistic? Maybe with the right partner….
CollectIC was built to be a data-driven, digital omnichannel platform which focuses on automating the collections process. The most important part is that it puts the debtor first and works towards building a customised profile around that debtor. This in turn supports how and when CollectIC communicates. The platform is all about being able to support the debtor via whatever channel they want whenever they want.
One of the most important features is the creation of workflows. These are incredibly useful and versatile as they allow you to fully automate communication processes. You are able to send thousands of payment notices through multiple channels such as e-mail, WhatsApp and SMS. By utilizing a wide variety of communication channels, this increases the chances of establishing contact with the debtors. Based on the debtors' response method, the appropriate next steps are then initiated automatically.
Digital communication is highly cost effective versus more traditional means and it also frees up DebtCo employees to perform other essential tasks. This platform offers detailed overviews of the profile of debtors, debt collection files and clients in the system. Other features include automated invoicing, a task management system, payment processing and activity tracking. All of this combines into a robust application which makes the late payment process as quick and easy as possible for everyone involved.