In Lindsay’s post of “Why we created SmartCollect and why its not just another payment portal” you will have read why Telrock created SmartCollect and why it’s so much more than just a payments portal.
This is more than backed by the results we have seen after 9 months of production use. So what stands out?
First a staggering 88% of all people who login to the portal make a payment plan or attempt to make some sort of payment! I think this shows the usability and intuitiveness of the portal but also speaks to people’s propensity to use online methods to repay. Personally, this comes as no great surprise to me as we live more and more of our lives online from banking to hotel booking, from gaming to dating. There is also the anonymity factor – it’s much less intrusive to deal with an arrears issue by logging into a portal compared with having to speak to someone over the phone
Convenience is also seen as a clear factor when it comes to people use of SmartCollect. 42% of all customer logins fall outside of standard office hours of 9 till 6pm. People will attend to this matter when they choose to. 10pm after the kids have gone to bed or Sunday morning. Or they will do it on their mobile on the way to or from work. So the mobile capability needs to be good!
One of our clients who run an 8 till 8 weekday call centre with opening from 9 till 1pm on a Saturday has also seen 28% of logins outside of these hours – this again underlines the convenience factor but also means much more. Imagine the client did not have this facility: this would represent a LOT of uncollected cash. And another thing when you think about the cost to collect from these 28% using SmartCollect rather than through contact by a call centre agent and you can see why SmartCollect improves margins.
And this is where we see yet another benefit of SmartCollect by allowing people to use the service at their time of choosing and using their preferred channel the Collections company is increasing their operational efficiency and profitability.
The time saved by agents who do not need to call customers who have self-served through SmartCollect allows them to spend that time chasing the harder to collect debt and focus their time with those vulnerable customers who really need the human contact. And to help the agents out here some of the increased margin can be re-invested in agent training so that your company’s treatment of those vulnerable customers becomes even better.