In my first article, I explained what Omni-Channel Communications means for Collections, my second article addressed the generational and regulatory considerations surrounding the implementation of an Omni-Channel Communications strategy for collections.
In this third and final segment, we’ll talk about preparing your strategy and launching your strategy.
From the first communication with your consumers, in whatever method that is, you have an opportunity to drive them to your website. Think of your website as the hub of the process. Once there, consumers can perform many tasks, such as make a payment, indicate their communication method preference (text, email, or phone), provide valuable information such as consent for the communication method, contact info such as cell phone number and email – which you can then record and keep on file. You can even have a process to dispute the debt or request verification on your website. As you plan out your omni-channel communications strategy, you should always keep this in mind. Your website should be the destination for most of your communications with your consumers.
So now you’ve decided to launch into a full-on omni-channel communications process for collections – GREAT! What does that mean? What does it look like?
Before you begin to write up your strategy, you will need to do several things:
Have a team dedicated to your strategy. With a team lead, and enough people with different skills to ensure you can answer all your strategy questions. A suggested base team would be Team lead (project manager or operations), IT/technical representative, systems/software representative, vendor manager, legal representative, operations representative, etc. For third-party agencies, you will also want to loop in your account manager so they can reach out to your clients to ensure there aren’t any restrictions on the various communication methods you intend to use – if there are, you may need to further segment by client.
Do you have the resources on the site that you need? Chat? Payment Portal? Integration with your CRM? Since your goal will be to drive people to your website to ultimately make a payment, you will want to ensure it is in order.
How did they reach out to the bank/financial institution in the first place? Were they digital customers? A phone call? A walk-in? Create consumer personas, which also include their generation. This will help you understand and possibly segment customers into how they can best be reached in your contact strategy.
You will likely need to make some changes here. You will want to ensure your collection system can handle Omni-Channel Communications. Depending on your collection system, enabling omni-channel may mean purchasing additional plug-ins or components so that you can seamlessly flow between the various channels and receive data updates from those channels. Your system must also be configured to be seamlessly integrated with the various systems you plan to use – or outside vendors you choose to use.
Have an initial conversation with your IT department and see what options are available within your existing software. If some of the Omni-Channel elements are missing that you want to use, you will likely need new vendors to fully embrace the omni-channel experience. Here are some common channels:
Next, the team should write down your strategy:
Here’s an example of what a typical communication experience may look like for your consumer. For the sake of the following situations, we’re going to assume you have the correct permissions in place, and the consumer has not opted out.
Not only do you have payment arrangements, but you should have also captured or confirmed some very important information during that exchange:
A final consideration for my first party/financial institution readers: are you aware of what your third-party agencies are doing? Are you properly monitoring each communication method? Does your auditing cover the various communication methods? Have you received updated policies and procedures from your agencies that address all their omni-channel communication methods?
As you move through this new world of alternative digital communication and collection methods, you will find that as with all things, one size does not fit all. You will need to allow for flexibility in your process. You will also want to have regular check-points to ensure your process continues to run smoothly. Each time you add or change a vendor, you may need to run through all processes again to ensure nothing has been disrupted.
Having an Omni-Channel Communications strategy in place will ensure you are ready for the digital age and are focusing on customer experience. This is always a good choice when expanding your customer base and providing customer service that is ideal for your consumers!
At NeuAnalytics, we strive to create platforms and solutions that work for your needs. Our solutions are built on compliant technology and standards. Connect with our team to discuss your needs and how NeuAnalytics can make your compliance and vendor management seamless.