Revenue Recovery: Collections, Delinquency, & Payment Adherence
Total household debt in the United States has climbed to $17.3 trillion, with $600 billion past due. Effective collections are more important than ever across numerous industries, including Banking and Lending, Insurance, Healthcare, Taxation, and products with a monthly billing cycle.
Typical collections team challenges include managing the cost of compliance with regulations, overcoming channel silos, and integrating outbound voice with SMS and email. Businesses know that if they can solve this, they will achieve better connect rates with the debt owners, better pay promises, and better-kept rates on promises. In addition, utilizing true omnichannel tactics enables more collections at a lower cost, all while in full regulatory compliance.
The time to respond to a lead (Speed-to-Lead) and the overall lead conversion rate are the most critical sales-related KPIs for this use case. Lead Response Time (Speed-to-Lead) is critical to lead conversions to an opportunity and directly affects downstream conversion to win rates. Conversion Rate is also heavily influenced by the components and frequency of the follow-up cadence. In addition to Omnichannel outreach to the initial lead, a True Omnichannel approach improves overall conversion rates in a multi-step sales process.
Historically, industry analysts have pointed to a ‘golden window*’ of opportunity from lead initiation to response time, dramatically increasing both the success KPIs for Lead Qualification Rate and Lead Win Rate. That golden window was 5 minutes. Acqueon can do even better with an integrated digital-first plus voice approach to Lead Response Time, which offers both digital and voice options for immediate response time.
Consider a scenario where a prospective customer initiates interest from your website. Immediately, a digital response is sent out confirming your interest with links to education regarding the product designed to further demonstrate the value of the product and an offer of a Scheduled Call Back*. The SCB will be set up after further qualifying questions via an additional text or email to maximize Agent Labor by filtering out unqualified or NOT RPC* calls. The Lead Response time is less than 5 seconds, not 5 minutes or days, as was the case for many of our current customers. The SCB increases conversion rates. The education increases CSAT and conversion rates. Either choice will result in an automated next step and sequence of steps, all of which feed additional data back to systems-of-record and inform future steps for better results. These workflows are so easy to create that it is easy to iterate upon a sequence for A B, testing one sequence against another, further improving conversion rates. Additionally, each touch point can be designed to create interest in other products, which automatically can enter the prospect into a separate but parallel campaign.