Voice and text options for collections and lending

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Voice and text options for collections and lending
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Collections/lending in the mobile era

• Traditionally, collections carried out via
  wasteful paper mailers, repetitive and useless
  phone calls
• Easy to avoid, easy to tune out
• Landlines/mail boxes are ineffective means of
  contact for younger clients

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Collections goals

• Increase client debt recovery rates
• Minimize overhead costs (labor, premises, etc.)
• Ramp up individual employee efficiency

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Modern collections strategies

• Voice and text connectivity allows for more
  targeted, specific campaigns to carried out via
  mobile devices
• Individual clients will respond positively and
  negatively to different outreach techniques, find
  what works

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Multi-pronged approach

• Mobile technology allows for multi-faceted
  approach to collections
• Hosted call center
• SMS outreach
• Voice broadcast
• IVR overlay

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Hosted Call Center

• Computer weeds out bad numbers, wrong numbers
• Computer distributes pre-recorded answering
  machine message so agents dont have to
• Agents spend phone time connected with live
  clients rather than waiting through dial tones

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Hosted Call Center contd

• Computer displays crucial client information on
  screen, updates automatically per client
• Agents are able to maintain/update client records
  in real time as they interact on the phone

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SMS outreach

• Text messages have the highest open rate of any
  other form of personal communication
• Clients disinclined to speak on the phone are
  more likely to respond to text message prompts

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Voice Broadcast

• Clients receive a phone call with a pre-recorded
  message pertaining to their account/payments
• Scalable from individual to thousands of
  simultaneous messages

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IVR Overlay

• In conjunction with voice broadcast, IVR overlay
  provides clients an automated method through
  which to connect and make payments.
• Clients are prompted to press 1 during voice
  broadcast
• Touch tone automatically connects with
  collections agency automated attendant.