Using Mobile to Improve Collections

Ask any business person what should be on or near the top of their 2013 wish list. Along with growing market share, improving margins and profits and increasing customer loyalty (i.e., cutting churn), you are sure to find “getting paid in a timely manner” on the list. The challenge now as always has been in reaching those who owe you money, and compelling them to act. 

Getting noticed in a BYOD world

Reality is that actually “getting a hold” of somebody has never been more challenging. Truth is the advent over the years of voice mail (does anyone actually answer their phone anymore) and e-mail (spam folders and delete as preferred options), has made it that much harder for debt collectors to command the attention of those who swell the ranks of aged accounts receivables and kill cash flow. The emergence of the bring your own device (BYOD) phenomena and users choosing their personal devices as their communications tool of choice has in many ways only compounded the issue.

However, if you are in the collections business those mobile devices do not have to be seen as the enemy. Immediacy is critical to getting attention and generating action. That is why mobile is so important. Did you know for example that 83 percent of messages on mobile devices are opened within three minutes of their being received? This means that personal devices when viewed and used smartly are platforms that can be leveraged for making your life easier rather than harder. Indeed, not taking advantage of mobility and including it in a collections strategy is one of the great over sights of the collections industry to date. Contact via mobile texting is emerging, when used adroitly, as a fantastic tool for improving collection rates.

The operative words above are “smartly” and “adroitly.” This is an area where careful planning and making sure you are not abusing the privilege of access are key.

Devising a mobile collections strategy

Since there will be a significant premium place on getting this right the first time, I would like to invite you to start the New Year right by joining me on January 23 at 2:00 PM EST for an insightful webinar, Mobilizing Your Collections Strategy. Soundbite Communications SVP and GM, Contact Center Business Unit, and director of Product Management, John Keyes and I will be discussing and answering questions concerning:

• Why 80 percent of debt collectors are currently using or plan to incorporate mobile text messaging into their overall collections strategy
• The importance of obtaining mobile opt-in and how to stay compliant
• How to capture and leverage consumer preferences to maximize the immediacy of the mobile device
• Proven strategies used by leading organizations to help mobilize your collections outreach that result in a lift in payments
• What you should consider when including text messaging in your collections strategy

It may seem like a cliché, but there truly is a case where the bottom line is the bottom line. Learning more about what is already a valuable tool for lifting payments without turning off customers that should be part of your overall collections outreach and customer interaction strategy is a great way to get 2013 off to a great start.