The Spindown monthly: May
Welcome to the Spindown newsletter!
Your monthly digest for collections insights, takeaways from industry shapers and the latest events.
In this edition:
From Better Debt: How APRA's CPS230 standards and scaling with resilience is relevant to all organisations???
The goal of CPS230 is for organisations to better manage disruption and operational risk. The key word? Disruption. ??
Given the amount of disruption in the last five years alone - COVID, recessions, it’s easy to see how focusing on resilience is relevant for all organisations.
Strengthening your organisational resilience is a necessary defence against these shockwaves. After all, prevention is better than a cure.
During the latest Better Debt, our panel dissected CPS230, extracting the essential learnings for your organisation’s collections - even if you aren't an APRA regulated entity.
Hear more from Poli Konstantinidis - Industry SME, Previously Experian & Latitude Financial Services:
How the current state of financial wellbeing calls for a new approach to debt collection ??
Across Australia, the United States and United Kingdom, consumers are still struggling financially:
What’s the call to action for collections? Innovating with empathy. ??
Innovation doesn't mean just technology - it involves challenging the status quo, and building layers of true support and consumer advocacy within your collections operations.
It’s all about shifting the perspective on debt, and making it easier for people to find a way forward. ??
How we achieved an industry leading spam rate amidst Google & Yahoo's new sender requirements ??
Google and Yahoo's new rules are cracking down on spam rates. Applicable to those sending over 5,000 emails a day, bulk senders must:
领英推荐
? Keep their user-reported spam rate below 0.3%
? Include one-click unsubscribe, and an unsubscribe link in the email body
? Follow best practices to authenticate email domains
How we're protecting our email delivery rates ??
Before the new requirements, our spam rate sat at 0.5% on average - far lower than the collections industry standard of 5-10%.
However to further protect our email delivery rates, we developed a brand new machine learning model: The Spam Predictor. Since its rollout, our spam rate is 0.2% - even lower than the recommended rate! ??
Here's how it works:
How AI is increasing email payments by 32% ??
Our AI copywriter personalises collections emails at scale.
Since its launch, we’ve seen how varying writing styles, language use and tones of voice resonate with consumers around the world. ??
When compared to emails written by real people, the AI copywriter produces stronger results:
?? Increasing click-through rates by 27%
?? Increasing payment plans created by 33%
?? Increasing pay in full conversions by 25%
Most importantly, it means we can keep up with customer preferences intuitively, so our email communications always hit the mark. ?
Further resources:
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