Follow Consumer Preferences to Maximize Collection Effectiveness

In today’s dynamic collections environment, traditional approaches are less and less effective. New techniques—like self-serve ways for customers to resolve delinquencies from their mobile phone—produce higher ROI for collections time, effort and expense.

A new free report from FICO explores five ways to increase collections effectiveness. The first step is to contact consumers in the way most likely to succeed.

Using what FICO calls an “omnichannel” communications strategy – one that uses every available channel to contact consumers – to determine the single most effective channel for each consumer is the starting point to increasing right party contacts and payments.

And their research backs up a move away from traditional communications methods. According to a survey conducted internally by one collection agency, 61 percent of their consumers said they preferred an automated contact (voice, email or SMS) over being called by a collections agent.

For the other steps, download the free report Taking Your Collections Performance to the Top.