digital collections
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80% of the UK adult population are online*
Over 72% shop online, and 67% prefer to bank online **
Right now, Digital is the emerging trend in Debt Collection
Digital Collections is a flexible, online service that integrates seamlessly with your existing Collections operation, enabling your customers to make repayments, agree repayment schedules and make use of budgeting tools and debt advice.
This cost-effective product ensures that your debts are being collected around the clock, and the fact that so many debtors are able to service their debts online means that your cost of collection falls as skilled collectors focus their efforts on cases which require the personal touch.
Digital Collections marries online and offline customer data with a variety of risk indicators and your own business rules to generate acceptance decisions, and to determine the most suitable and cost efficient collections communications.
The website is completely configurable – take our ‘out of the box’ site, or make it your own by applying your own choice of branding, colours and content. You remain in control of all the rules and parameters, meaning that you can respond to different debtor situations in the right way, ensuring that decisions made online are consistent with those made by your agents.
Digital Collections 2.0
New features for version 2.0 include:
Repayment Agreements
The core repayment functionality has been expanded to give a choice of approaches, which can be turned on and off for different customer types. In addition to instantly assessing a customer’s proposed repayment, the system can also push counter-offers to facilitate earlier repayment, and make ‘full and final’ settlement offers to selected cases, depending on their severity/profile.
Data extracts
The service records every page visited, and every click and input that the customer makes. We now make this critical data available for analysis – enabling the behaviour of online customers to be modelled, understood, and turned into useable segmentation, further enhancing performance of your Collections site.
Marketing Module
A cost effective mechanism for promoting the Digital Collections system to debtors, increasing adoption. The more debtors who register and use the system, the more money can be collected, producing healthier returns, and with the added benefit of collecting more data and a clearer understanding of customers’ financial circumstances.
User Training Module
Jaywing recommends its user training module for some or all users of the system: from Collections agents to the teams responsible for configuring business rules and accessing the system’s reporting tools. Training is bespoke to each client, according to the tools available within each specific implementation.
User Interface
The much improved UI brings the product right up to date with the latest web design standards and makes it even easier for customers to make payments and find the advice they need. The agent portal has also been greatly enhanced, ensuring agents can quickly see a full picture of each customer’s status and provide advice as needed.
Extending the Digital Collections toolkit
Jaywing’s expertise in data, analytics and strategy design can bring huge benefits to your Collections function, ensuring that you drive the right communications at the right time, using the right channel. The data captured within Digital Collections drives real insight into your debtors’ behaviour, enabling you to refine your strategies, improve your collection rates and apply a more intelligent approach right across your operation.
Digital Collections is available now, and is already generating positive results for our clients. For a system demo and a discussion about how Digital Collections can help your Collections function, contact us today.
*Source: ONS