3 Ways Omnichannel Contact Solutions Can Improve First Party Collection Outcomes - Alorica - ContactCenterWorld.com Blog
Debt collection is a tough business. And as most first party collectors know, a successful outcome is not a guarantee. However, an effective first party collection, or financial care, program can reduce losses, increase revenue, and retain customers.
What does an effective financial care program look like?
An effective program focuses on combining customer-centric principles with traditional first party collection efforts. Known as financial care, this approach incorporates the importance of delivering a positive experience throughout the customer journey.
As part of a financial care approach, omnichannel contact solutions provide consumers with a quality, seamless experience regardless of what contact channel they use—phone, web portal, chat, or mobile. Because omnichannel solutions improve the customer experience, many companies are now leveraging them to deliver strong financial care performance.
Here’s a closer look at how omnichannel contact solutions can improve collection results:
Break down barriers
According to a white paper by Certona entitled, “Discover the Power of Omnichannel Personalization,” more than 60% of American consumers who like to interact with brands do so through multiple channels. In fact, 48% of repeat customers and 33% of new customers hit multiple touchpoints before purchase.
Similarly, an omnichannel contact solution for debt collection can help break down barriers between the customer and the brand. Omnichannel not only makes interactions easier, but preserves (or even builds) the consumer’s relationship with the brand. This can have positive results both during collection interactions and later, as a returning customer.
In a study by Retail Systems Research, 47% of retailers said multi-channel (or omnichannel) customers were more profitable than single channel customers, a figure that has increased for several years. And this data is backed up by information compiled by Certona that found that omnichannel shoppers spend 20% more than multi-channel shoppers—who spend 15-30% more than single-channel shoppers. The net result is that omnichannel shoppers can spend up to as much as 50% more than single channel shoppers.
The ability to interact with consumers in their preferred manner helps spur action, whether it is for shopping or debt collection. Additionally, omnichannel lets you leverage more cost-effective channels, like text messaging (also known as SMS) as opposed to traditional voice support, while still providing an exceptional customer experience.
Drive positive customer experiences
In a 2011 Customer Impact Report, 89% of customers said they began doing business with a competitor following a poor customer service experience. Debt collection, particularly first party, is not only about collecting the debt, but about retaining the customer in the future. And to do this successfully, customer interactions must remain positive.
In today’s digital world, a significant part of an excellent customer experience is access to real-time communication and interactivity. This means collection efforts must go beyond traditional contact methods such as phone, email, and mail.
An omnichannel approach not only offers consumers the ability to communicate according to their preferred method, but through features like web chat, can provide real-time interactivity. This kind of interactivity can reduce repeat cross-channel contacts and lead to a more positive customer experience. In fact, according to eDigital Research, chat has the highest rating (73%) among all service channels.
A financial care approach, which blends first party collections and customer care, is the best path to providing a positive customer experience while increasing collections recoveries. Using omnichannel solutions as part of a financial care program can help improve outcomes and should be leveraged as a key strategy for first party debt collection efforts.
To learn more about how EGS approaches first party outsourcing, visit our financial care page.
Publish Date: October 14, 2015 5:00 AM
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