The Keys to Collecting More and Spending Less
How do I improve operational efficiency and increase collections volume at the same time?
Historically, collections organizations have chosen between initiatives that either reduced costs or increased payments. Now, a solution has emerged to allow collections organizations to both increase payment volume and address productivity.
By deploying a fully synchronized collections dialogue with debtors, organizations are realizing both the benefits of "shifting" spend from agent FTEs and overused channels while also "lifting" payments by collecting from new payers.
CMC’s FlexCollect® managed service platform allows collections organizations to achieve outsized ROI results by simultaneously realizing both "shift" and "lift" benefits. In CMC’s experience, clients that deploy our full-channel managed service solution realize the following operational benefits:
- Increase payment yield through individualized program offers targeted to the specific needs and capabilities of each debtor
- Increase collections/reduce chargeoffs by more than 20 basis points through higher payoffs from extended programs, as well as by generating payments from agent-averse customers
- Reduce channel spend by more than 10% using individualized decisioning to ‘right-size’ contact methods to debtors’ preferred methods
- Increase agent productivity 20% or more by leveraging synchronized channels and our intuitive, browser based agent desktop
To understand the specific "shift" and "lift" benefits your organization would realize from a full-channel FlexCollect solution, please register for our complimentary ROI analysis.