ieDigital Interact for debt recovery and collection.
A more human and digital-first approach
to debt recovery.
Adopting a new approach
Current economic and regulatory environments have presented increasing business challenges for the debt collection industry. Levels of customer debt are rising largely due to higher interest rates, which increase rates of default, and consequently the FCA is mandating that financial services companies take a less aggressive approach.
The objective is to treat customers fairly and handle vulnerable customers with respect, propositions that require debt collection managers to adopt a new approach in an ever-increasing digital world.
Call center debt collection strategies are no longer enough. Customers prefer to conduct their financial affairs online, and Open Banking, empowered by Europe’s PSD2 regulation, promises a wealth of opportunities for new entrants to disrupt the market. This calls for a broader channel strategy that places digital self-service as a central component, while retaining traditional elements of call and collect methodology.
Adopting a digital-first approach is about embracing change and transformation. It’s an opportunity to compete in this new and exciting era of customer engagement, to offer non-confrontational services to customers, so they can manage their own debt in a more collaborative way. In turn, this will increase collection performance and improve the relationships you have with the people who most need help with their finances.
The transformational solution lies in meeting customer demand for digital, and here’s how our Interact software platform can help.
Improve customer satisfaction
Respect privacy to foster better long-term rapport and more dependable payments.
Provide an environment for people to monitor and interact with their finances.
Engage with creditors earlier in arrears to avoid the costly recovery of older debt.
Interact Collect enables you to address the challenges faced by your business now and into the future.
By supporting your transformation to a digital call center, Interact Collect will help you improve customer satisfaction and ensure compliance, while reducing cost and boosting debt collection performance. We achieve this by:
– Providing self-service. Interact Collect offers a nonintrusive point of engagement that demonstrates respect for customer privacy and convenience.
– Recording actions automatically. Interact Collect provides audible evidence of compliance with FCA requirements.
– Capturing data. Interact Collect helps creditors identify and diagnose vulnerability, and pinpoint when non-digital channels would be more appropriate.
– Automating processes. Interact Collect delivers a commercially efficient operating model by using advanced technology to automate the digital side of the recovery process.
Our Interact digital platform will help you transform your business to meet your customers’ expectations.
Its flexibility enables you to create simple journeys for people to sign up, engage, self-serve, and manage their debts. It’s a secure, reliable, scalable and channel-agnostic platform that will adapt to how you want to use it, and how you want your customer to interact with your business.
Alastair Watts, Head of Acquisition & Proposition Development, Bank of Ireland, UK
"We have developed a strong and positive relationship with Intelligent Environments. Having Interact at the heart of our mobile banking apps will enable us to provide our Post Office and AA credit card customers with a market leading digital experience."
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