Communication in collections and recovery of loans
The economic downturn, as a result of the pandemic, makes it even more important for banks and other financial institutions to examine the old ways of doing business pre-crisis. Collections and recovery teams will now need to be more inventive in a time when their customers often have debts with several financial institutions and simply cannot satisfy all of them.
Good news is retail banks, credit and lending companies now have a wealth of technology to tap into to create automated, digitized processes to reduce manual interventions and lower ongoing operating costs. One of them is using modern, automated and innovative communication technologies to simplify the complicated process of collections and recovery.
Typically the collection process involves escalating degrees of intensity, involving the following iterative steps:
- Phone calls made to customers, gently reminding them of payments due
- Formal letters requesting payment
- In-person visits demanding payment
- Hiring third-party collections agencies to lean on delinquent customers
- Threatening legal action
- Executing litigation
Putting the above in the modern context, it is the flow of engagement and via which channels:
??Voice API - Create a powerful voice product with the client SDK, and a fascinating APP with a built-in voice experience.
??Verify API - Verify any phone number anytime, anywhere
??Video API - Integrate video communications directly into your website or mobile app
??Message API - Integrate multi-channel messaging functions (SMS, multimedia messages, and popular social chat apps) into your app
??Dispatch API - Integrate Message API (social chat apps) that is powered by an automated workflow that helps to truly maximse the advantages of multi-channel messaging to your customers
Here is the recording of our Verify API with Demo from our December virtual workshop, showcasing the possibility of leveraging Vonage to optimise the journey. Besides collections and recovery, Vonage can also transform the whole customer experience in this perfect loan application, engaging with customers with real-time authentication, video, voice and messaging interactions for innovation financial companies.
To find out more on how your organization can leverage our various communication platforms in elevating your customer experience or improve your organization’s collection and recovery strategy, do message me on LinkedIn or email me at lina.tjandra@vonage.com today.
Vonage, (Nasdaq: VG) a global cloud communications leader, empowering businesses to accelerate their digital transformation. Vonage's Communications Platform is fully programmable and allows for the integration of Video, Voice, Chat, Messaging and Verification into existing products, workflows and systems. Vonage's fully programmable unified communications and contact center applications are built from the Vonage platform and enable companies to transform how they communicate and operate from the office or anywhere, providing enormous flexibility and ensuring business continuity.
Vonage Holdings Corp. is headquartered in New Jersey, with offices throughout the United States, Europe, Israel, Australia and Asia. To follow Vonage on Twitter, please visit www.twitter.com/vonage. To become a fan on Facebook, go to facebook.com/vonage. To subscribe on YouTube, visit youtube.com/vonage.