Debt Collection Call Center Software

Our platform helps address the two primary goals:

• Convert debts into profits
• Ensuring collections without affecting the customer experience, Brand value, and compliance with regulations and RBI norms

Due to the high number of collections, there are many possibilities for lenders to miss. Digitization of the entire process will ensure you don’t miss out on any data points.

Our platform helps digitize the entire process.

Our list management services, the data handling solution of our platform, will help you slice and dice the data and bring in prioritization, allowing you to convert debts into profits.

Besides, all the notifications can be automated, and you can implement intelligent nudges without being intrusive.

Also, provide diverse options for your customers to make payments – online, offline, app-based, and making multiple smaller payments.

You can use SMS, email, and Business WhatsApp notifications to send reminders to your customers in advance. This would allow collections easier and faster, especially with low-value payments.

All of these channels can be integrated with our platform using APIs. Also, integrate them with digital payment channels allowing people to make payments from their smartphones and mobile phones.

Some say it is 1% of the total value; a few say up to 5% is acceptable.

What is ideal?

Look at a credit card product. 60% of the customers make bill-to-bill payments. About 20% of them make the minimum and part payments. The remaining 20% are defaulters.

Among the 60% that makes bill-to-bill payments, revenue to the bank is through the interchange fee that the payment network pays. In the remaining 40%, you charge an interest rate of anywhere between 33% and 48%, which is compounded. This is a massive revenue for the bank.

In such a product, the acceptable default rates are about 5%.

When discussing a personal or a home loan, the interest rates are in the sub 10%, and the default rates must be lower than 1% to make sense.

BNPL (buy now pay later) model works only on the trust the lenders have in the bureau (CIBIL rating). Most customers won’t default for the risk of getting reported to the bureau, which will affect their credit rating in the long run.

Some of the regulations include:

• You can contact your customers only during the 8 AM to 7 PM slots
• You cannot try to reach your customers more than the stipulated number of times daily
• If you contact their friends or family, you cannot discuss the debt, and you can only discuss ways to reach them
• You cannot send collection agents home who are not DRA-certified

Our platform is ideally suited for lenders to comply with regulations and norms. It is configurable easily, and we are compliant with TCPA, Reg-F, FDCPA, and PCI-DSS

Our analytics can pull out data points of potential defaulters. This would give you a heads-up for your collections process.

How do we do that?

We would segregate the size of the debt – small and large ones. What works for small debt collection may not work for large debts. If the debts are enormous, nudging and calling alone won’t help – you may want to call them for a meeting and figure out how to restructure the debt.

Besides, if a customer has delayed the payment in the first quarter, you can also anticipate issues in the next quarter. You can send nudges and reminders about payments to be made and report to the bureau to ensure they make timely payments.