2024 has begun, businesses are continuing, and having an effective collection channel policy is the major challenge of this year. With all the conveniences of the digital economy and the advancements of fintechs, knowing how to collect is a new service you offer to your customers, helping them organize their finances. That's what I discuss in this article!
Technology has transformed the way your company can interact with clients with past-due payments., turning what used to be an uncomfortable moment into an opportunity to improve your customers' experience and build loyalty.
While speed and personalization are key, they cannot jeopardize your stability or cash flow so that you can remain competitive and ensure payment of what is owed.
Continuing with the logic that helping your customers organize their financial health can be a business opportunity, this is where WhatsApp comes in, the most effective tool to turn that uncomfortable moment into a pleasant and prosperous conversation for both parties.
The secret is to have the ability to integrate and coordinate these different channels to ensure your customers receive proper guidance and, at the same time, a consistent, memorable, and frictionless experience.
That's what I'll talk about today, how to integrate the most effective collection channels and use WhatsApp to turn headaches into business opportunities. In this article, you'll see:
While the centrality of WhatsApp is undeniable, it´s essential that you know all the collection channels in order to be able to generate omnichannelity and lead your users to an efficient conversation, no matter which platform they communicate from.
Let's get straight to the point!
Banking apps provide specific responses 24/7, which is a good solution to address customers' financial needs anytime, anywhere.
They also allow your customers to access detailed information about their accounts, outstanding balances, and payment options, providing specific answers to their queries and enabling them to make informed financial decisions.
But they don't have the ability to be part of your customers' lives, they are a good accessory channel but they are insufficient.
Emails can be used to send personalized messages addressing specific concerns of customers in default, providing tailored solutions to their individual needs.
Although an email can also be sent or received at any time, that doesn't mean we can consider it 24/7 attention. Therefore, it is a somewhat slow channel for this time, it can be good for follow-up, but its Achilles' heel is that they are not instantaneous.
Social networks are experiencing increasing use for more accessible interactions with debtors, providing an additional channel for you to communicate effectively and build a strong relationship.
Facebook, Twitter, and Instagram are very popular and allow fast and direct bidirectional communication, facilitating contact with debtors and efficient problem-solving.
Direct messages, comments, and posts on social networks can be used to provide information about outstanding payments, offer payment options, and respond to queries quickly and personally.
But don't forget something fundamental, social networks scatter your customers' attention, what you gain in reach you lose in focus, a customer who may be thinking of paying off their debt may be captured by an interaction that leads them to another expense.
In other words, on social networks, you'll be entering a place of battle for your user's attention, which makes them an unfavorable ground for your goal.
SMS remains an essential tool in any collection strategy due to its low cost and high effectiveness in communication.
It offers a quick and direct way to contact your debtors, as messages are delivered instantly to their mobile devices. This allows you to send payment reminders, overdue bill notifications, and payment options in a timely and efficient manner.
At the same time, its open rate is high and, compared to other communication channels, it has a higher likelihood of being read by recipients.
But let's be honest, SMS no longer has the prestige it once had and causes a lot of insecurity. It is not a channel we are familiar with and it always has some invasiveness that can generate distrust.
And to finish this list, we leave the best for last, WhatsApp stands out from all others for being integrated into people's lives in a natural way. The familiarity people have with this application is its main value.
Not to mention its immediacy and ability to personalize interactions through chatbots, becoming an invaluable tool for modern collection strategies.
The WhatsApp Business API version allows you to take this to another level, integrating chatbots with Artificial Intelligence that can instantly respond to frequently asked questions, provide relevant information about outstanding payments, deadlines, and payment options, and, most interestingly, develop conversations that simulate human interaction.
If what you need is a quick and personalized response for your debtors, WhatsApp is the ideal solution to make debt resolution a pleasant experience.
Now, to wrap up our discussion on effective collection channels, let's consider the power of a unified approach. In today's digital landscape, leveraging synergies across all channels is crucial for maximizing impact.
Omnichannelity involves integrating all these channels into your collection strategy to make it a comprehensive and effective experience. By offering multiple points of contact, you can communicate, guide, nurture the relationship, and maintain focus on the issue.
Obviously, for this to be possible, it is necessary to use a robust state-of-the-art technological integration system. Let's talk about that next!
All roads lead to WhatsApp, where you can provide a unique type of attention that will generate a different connection with your users.
But for everything to work perfectly and avoid frictions in the experience or gaps in security, it will be necessary to take into account the points we will detail below.
Use a platform that allows seamless integration between different communication channels to offer a coherent and efficient omnichannel experience.
Implement systems that allow you to efficiently and accurately validate the identity of debtors across all communication channels, whether online, by phone, or in person.
Create algorithms and predictive models that analyze the payment capacity of debtors using historical data, financial behavior, and other relevant factors.
Use data analysis and artificial intelligence systems to personalize interactions based on the debtor's profile and behavior and implement automation systems that streamline and optimize collection processes.
Ensure the protection of thedebtors' personal and financial data, complying with privacy regulations such as GDPR or local data protection regulations.
Implement fraud detection systems that identify possible risks and fraudulent activities, using techniques such as behavior analysis, machine learning, and anomaly detection.
Establish clear policies and procedures to transparently communicate to debtors about their financial obligations, collection processes, and contact methods used by the company.
Stay updated with relevant regulations and standards regarding debt collection and ensure compliance with them in all interactions with debtors.
Implement continuous monitoring and analysis systems to assess the effectiveness of the omnichannel collection strategy, identify areas for improvement, and adjust tactics as necessary to achieve debt recovery goals and customer satisfaction.
We saved some good news for last. All of this is within your reach in a simple, efficient, and very secure way!
It may seem like a daunting challenge, but our business is to give you access to the most advanced technology so you can implement an efficient collection strategy.
Discover Truora's Customer Engagement today, take advantage of your free trial, and experience turning collection into a memorable conversation with your clients.