Whitepaper: The online collections revolution
June 21, 2010
Jaywing has published a new whitepaper, “The online collections revolution: Improving collections efficiency.”
The paper examines the impact of recent economic upheaval on the business of debt collection, and the opportunities afforded by using digital technologies to engage with indebted consumers.
The paper explores a new, lower cost, digital approach to collections and will be of interest to any organisation that collects outstanding payments from its customers, even those with relatively low bad debt rates.
The potential benefits of adopting online collections techniques include:
- Cost reductions, with more efficient payment ways of taking payments
- Increased collections, using skilled collectors where they are most needed
- Improved customer service, by making it easy to pay and offering free financial advice
- Additional Revenue Streams, via debt referral leads
Adrian Lingard, Managing Director at Jaywing commented: “We're all aware that debtors are often reluctant to talk to their creditors, but online collections systems can reach people who typically decline other forms of contact.
Previous analysis over 12 months of performance shows that encouraging debtors towards online payment methods does not reduce the level of payments received or result in deteriorating roll rates. However, the reduced cost of servicing some groups is significant enough to make ongoing servicing a preference to write-off, where current cost dynamics would demand the latter.
In these tough times, collectors should make the most of available technologies to improve efficiency and collections rates.”
To receive a free copy of the whitepaper, email digitalcollections@weare2020.com