Taking a loan has become quite a cakewalk since the past several years with banks, NBFCs and even insurance companies lining up with offers and several types of loans to cover different needs of customers. But have we spared a thought about debt collection? Without successful debt collection, as an organization you would be unable to sustain your operations or your business.

Often companies struggle with debt collection and loan collection (especially, if you’re a bank, NBFC or insurance organization). Here is where a debt collection software can help.

 

What is a Debt Collection Software?

A debt collection software can streamline your collections department, processes and significantly improve operational efficiency. An advanced debt collection software prevents you from doing mundane tasks that hamper productivity and help you focus energies on more critical issues.

Need for a Debt Collection Software

Having a debt collection software can help you handle and manage your collection tasks efficiently. Here are a few reasons for you to go ahead with it.

#1 Optimization

A debt collection software eliminates the need for working on minor tasks that take up major time. Collection agents can simply focus on the job without worrying about clerical tasks.

#2 Customer Segmentation

A debt collection software allows you to intelligently segment your customer base on factors like delinquency, credit history, demographic, account age etc. This can help collection agents to adopt different approaches for different customers.

#3 Prioritization

At times it gets difficult to measure delinquency levels among customers. It is important for a brand to set the right tone of communication even in debt collection processes. Aim to deliver a personalized experience to your important and VIP customers and enrich customer experiences as well as relationships.

#4 Better Collection

With better customer segmentation, collection agents will be able to target the right customer using the right method which will help in incremental and speedy collection.

Benefits of Integrating a Debt Collection Software

Here are a few benefits that an advanced debt collection software can offer you and make your collection process smoother than ever.

• Automation: You can eliminate any manual data import and export to make the entire process automatic. This software can integrate seamlessly with your backend software for your agents to work and auto-update collection data.
• Scalability: An advanced debt collection software can adapt to your existing system easily. It is flexible enough to work with your evolving business and technology.
• Brand Image: Sending a payment reminder to a customer who has already paid can backfire on your brand image as it reflects bad management. With a debt collection software, you will never face this issue as every piece of data is collected and automatically stored to present each customer’s details precisely.
• Quality: With the technology of debt collection software, you can easily keep a check on collection agents and monitor the quality of interactions they are having with customers.
• Security and Compliance: An advanced debt collection software offers you what a manual record cannot – Security. Secure encryption of voice logs and authorized access to data mean customer details are completely secure.
• Collection Analysis: A debt collection software enables you to not only track data and manage it collectively; it also helps you to perform a collection analysis and gauge your department’s performance.

Final Thoughts

InterDialog “Connect & Collect” as the name suggests is an advanced tailor made solution for debt collection  which works in tandem with your business to deliver the best possible results. It is key to automate and organize your debt collection process and maintain efficiency in business.

At the end of the day, the aim is to successfully run business and operate an efficient collection department. A reliable and intuitive collection software goes a long way in establishing accurate processes and contributes to increased revenues and better customer relationships.

To improve your efficiency & ROI on essential business activities with InterDialog “Connect & Collect”, visit our website: teckinfo.com