Given the existing limitations of contact options because of new collection industry laws, companies need to integrate the best strategies into an omnichannel platform more than ever to maximize the effectiveness of establishing agreements and ensuring communication continuity.
In a previous post, we addressed new tougher legislation1 aimed at eliminating debtor abuse that was recently introduced in Chile, which has become one of the industry’s most recent challenges. These laws compel businesses to implement new contactability strategies via integrated solutions. Through their extrajudicial companies’ campaigns, Alloxentric has been able to gather useful information on various factors of performance for omnichannel collection communication. Based on these learnings, there are six main pillars in designing successful strategies and making a qualitative leap. These six pillars are as follows:
- Segmentation: Divide the debtor base based on the size of the debt and the number of days until maturity. As a result, reminder bots that work well in the prevention stage are less useful in the stages 30 to 60 days after a debt is past due, when human agents and script types become crucial. Human agents are steered out of the spotlight in the late stages, and reprogramming sites are used to support bot strategies that combine push and pull.
- Channel Tactics: Collection is already a task that necessitates orchestrating the optimal number of communications, both voice and text, through the channels that provide the best contact / price profitability, but the new laws add to the complexity. In the now limited number of contact options, an email or SMS becomes a waste of contact surface. The law considers one-way communications obsolete and forces the development of integrated bot scripts that respond to voice commands immediately. Xentric allows bots to be integrated into campaigns, allowing them to instantly trigger contact options requested by the user and optimize each of those options.
- Traceability: Another element that the law will promote as a success factor is the ability to establish a comprehensive plan for dealing with the debtor, along with full traceability of acts. Therefore, keeping promises and ensuring continuity in communication will be vital to the strategy’s success. Knowing if the debtor has already been contacted, the commitment he has made, the solutions offered and accepted, all allow for better segmentation and become key variables in the process. Only a fully integrated omnichannel platform like Xentric can effectively track both bot and human activity across all channels.
- Options for rescheduling: Early identification of clients with a strong propensity to default is critical for creditors in order to offer them a range of services or rescheduling options. In more complex collection operations, clients will be able to “set their own price” by reducing interest or extending the term to make monthly payments more manageable. This method allows debtors to set reasonable repayment terms and avoid delinquency. This strategy is particularly effective in cases of late delinquency.
- Agent Training: In the scenario introduced by the new legislation, the role of the agent who ultimately develops contact with the client is critical; he must stick to the delivered scripts with flexibility and use the best persuasion strategies. Xentric provides the agent with a single interface that includes the history of all voice and/or text communications through all channels, rescheduling choices, and optimized suggestions, guiding the debtor’s needs toward an effective solution to their issue. If all these elements are inaccessible, the agent’s best chances of reaching a settlement and obtaining payment from the debtor are jeopardized.
- Quality Measurements: The ability to change the parameters of campaigns using quasi monitoring and reporting tools is critical to adaptation. The Allo platform from Alloxentric enables the quality of agent interactions to be assessed by transcribing conversation content into text and detecting the agent’s level of script adherence and interaction quality, for both human and bot agents. Given the adaptive nature of the above-mentioned elements, it is the quality and impact metrics that will enable us to better manage campaigns and achieve better results.
Companies will be able to successfully carry out collection procedures and make significant progress that are aligned with new legislation by combining these six pillars, making their collection process more effective while taking advantage of the opportunity presented by the new Law.
The Alloxentric Xentric platform is a step in the right direction. It began as an integrated omnichannel platform that synchronizes the actions of voice, text, and human agent bots to develop contactability solutions for any scenario. To determine the best combination of channel and message while ensuring legal compliance, Alloxentric can provide services such as information analysis, centralized contact registration, cost-effective pre-qualification calls, and more. The integrated Alloxentric platform enables you to combine messages with agent involvement, streamline the process and increase debtor collection.
Please contact us for more information on omnichannel collection strategies.
1Law No. 21,320 that Modifies Law No. 19,496, on Protection of Consumer Rights, in matters of extrajudicial collection and other consumer rights
