11 Jun Multi Channel Communications drives collections performance…
Multi Channel Communications drives collections performance….
The utility collections industry must be praised for it’s willingness to adopt new technologies that assist in the ever increasing battle of customer bill collection and advice. There have been huge advances in the way in which utilities carry out everyday processes for its customers with the largest change being in the channels that it uses to communicate this information.
The history of Interactive Voice Messaging (IVM), SMS and Email
Up until 3 years ago traditional lettering and dialling were the main form of consumer communication. The emergence of IVM, SMS (including pay by SMS) and email within collection strategies have enabled companies to start adopting quicker and more effective multi channel consumer communications. Organisations using these automated methods report outstanding results that impact their consumers’ experience and the business’ bottom line. It is proven that using Multi Channel communication enables organisations to recover more debt quicker with less cost to the business.
The future of collection strategies
In today’s multi channel communication environment a Single Customer View (SCV) is becoming not just a ‘nice to have’ but rather an essential. A SCV is the linking of customer data to provide an accurate and holistic view of any one customer across different channels and lines of business. A SCV allows you to get a better understanding of each individual and their interaction with your organisation, which helps you reduce costs, manage risk, and increase revenue and profitability.
Companies with multiple vendors for IVM, SMS, Dialler and Email, will require significant internal resource to manage the different communication and collection streams whilst struggling to form a SCV. Consolidating your communications processes to one platform will help achieve a SCV as channels seamlessly work together linking data to deliver the optimum campaign results.
Achieving a SCV will enable give you greater insight to your customer driving more efficient strategies and campaigns. Understanding the customer’s communication history, customer preference and behavioural data will enable you to make informed decisions automatically. This would typically include:
- What is the best channel to contact the customer for collections i.e. what has been successful in the past
- What day and time should the customer be contacted to get a positive outcome
- Which message historically made the customer pay
Once a multi channel communication solution with the added value of SCV has been adopted a continuous improvement programme should be undertaken. This programme should be focused on improving collections performance through “champion challenge” and “test and learn” activity.
To ensure the greatest value is gained from a collection strategy a fully automated approach can be adopted with no contact centre agent interaction so customers can pay “hassle free” and the utility company can save on operational costs. This type of communication should only be undertaken with a platform that is fully PCIDSS compliant and certified.
Hosted communications allow for a simple, flexible and quick to implement approach for any utility company wanting to improve collection performance. Improvements in collections can be seen from day 1 of an effective solution being put in place therefore allowing business cases to be easily proven and then subsequently rolled out.
About Revive Management
Our industry leading platform means that a long term continuous improvements programme can be achieved with minimal resource and time required. All our solutions are configured to ensure full Ofcom compliance at all times.
Revive Management’s experienced team are focused on helping it’s customers achieve their business objectives. Whether your goal is to improve collections performance, consolidate a communications strategy, obtaining meter readings, reminding about appointments, carrying out Net Promoter surveys or customer retention Revive Management can help.
This article has been published in the June edition of Credit Collection & Risk Magazine.
For more information on how we can help your organisation please call 0844 693 0244 to speak with a member of the team or click here to send us your details and a member of the team will call you back within one hour.