A steady Inflow of Principal and Interest (Profit) is the fuel needed to keep a Lending Institution in business. Debt Collection is at the heart of this. It is without a doubt that in present circumstances a $ recovered is perhaps as or more valuable that a $ of new business.
Quite often, Organisations end up creating overheads that affect this vital function. These are clearly visible in manual operations, delayed task creation based on the call disposition, delayed updating of the payment status, manual account allocation, unable to track field agents, communication gaps between the teams; tele-callers, field staff, management, operations etc.
Firstly, the clock starts at ‘T+0’. In proactive debt management, tasks start on the date the payment is due not after 30 days!
Second, and no less important, how do we recover the amounts without haemorrhaging future good customers, or create bad customer sentiment?
Put your Strategy to Action. Debtors vary in many ways. ENCollectTM allows you to segregate and treat them differently based on their characteristics.
Effective communication has been proven to improve debt collection rates exponentially. ENCollectTM Communication Module automates and enhances communication between the Organisation and their Customers, creating personalized engagement, and commences this activity before you can say the words “Payment Due”“”! In the build-up to 30 DPD, and thereafter en route to ‘NPA’, ENCollect communicates with Customers through various channels, Email, SMS, WhatsApp, Voice Recordings**(available via 3rd party integrations) depending on their preference with a gradual build-up in intensity and urgency of the message.
Energize your collection efforts by enabling your personnel in the office and on the field with access to all the information… a 360-degree view of the Customer, record trails, disposition status, payments, etc. to be able to personalize each contact with the Customer and follow up on the debt. Allocate cases dynamically, allowing you to make course corrections mid-week or on an ad-hoc basis. Do you have a complex allocation strategy? No problem there too. You can configure these strategies in ENCollectTM with just mouse clicks. Say goodbye to confusion, as your manager, your colleagues in back-office operations and those tele-calling, use exactly the same screens and have the same information, real-time. Use the browser in your office, or the mobile when on the move, with the same user experience. Internet connection dropped, no worries, you can continue working.
Geo-location Services allows you to mark the last contact point of the Customer & plan your daily route optimally with PTP prioritization. Voice and Video Calling Services allow you to add a personal touch, understand the face and body language, and collect from home. Record them for audit and training purposes.
Allow your agents to take immediate decisions. Based on your debt recovery strategy, ENCollectTM allows you to quickly capture and approve settlement/restructuring requests.
Send payment links on the fly, receive money through a variety of channels, may they be bank transfers, payment gateways, e-wallets, for part or full payments, giving you the capability to absorb every last $ outstanding. Collect cash responsibly, by directing Customers to geo-safe cash collection points that are fully equipped with Security and PPE kits. Send e-receipts instantaneously, eliminating opportunities for fraud. Auto reconciliation saves your month-end ‘hustle’ for surpassing the targets rather than getting buried in operational hassles.
Plan and operationalize your Incentives Plan, manage Agency Contracts, manage Legal workflow and Written-off accounts in ENCollectTM.
Monitor progress by product type, customer segment, region, staff, in the ENCollectTM Real-time Dashboards. Create different dimension views to suit your needs with a few mouse clicks.
With ENCollectTM you can truly energize your Organisation’s Collections. Roll it out in your organization within weeks using our Cloud Offering or install it in your Data Centre.