#predictivedialers

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Top Technologies Revolutionizing the Collections Industry

The digital lending sector is expected to grow from $405.11 billion in 2023 to $710.76 billion by 2028. This is not surprising, as digitization has substantially improved the borrowing process by making it more convenient and user-friendly. At the same time, financial institutions have benefitted from a wider customer base and access to valuable data.

The collections industry is not, however, free from challenges. Concerns persist related to data privacy, lack of empathy, poor visibility into customer data, low agent productivity, etc. The good news is that the latest innovations in the market have reduced these hurdles significantly.

Here are some of the top technologies revolutionizing the collection industry:

AI Bots

Many interactions between agents and customers in the collections industry involve routine tasks, such as answering common queries or offering basic information about outstanding debts. Traditionally, these tasks were handled by human agents, which could be time-consuming and resource-intensive.

Humanized collections bots, like those offered by Exotel, are designed to replicate human-like interactions while automating these routine tasks. Notably, 47% of CX leaders have embraced AI-based initiatives, often employing this technology to develop chatbots. These bots can understand and respond to borrower inquiries in a conversational manner and resolve first-level queries without making customers wait. Moreover, they can meet more queries at a relatively lower cost.

Automated Reminders

The introduction of automated reminders is revolutionizing the collection industry by addressing a common challenge both borrowers and agencies face. Borrowers often find it easy to overlook their payment deadlines or struggle to locate the appropriate payment links. This leads to potential delays or missed payments. On the other hand, manually reaching out to each borrower to provide reminders can be a cumbersome task for collection agencies.

In response to these challenges, collection agencies have adopted automated reminder systems to boost debt recovery. These reminders are customized according to the borrower’s details and loan amount. They not only serve as a nudge to prompt borrowers to make their payments but also provide custom payment links for added convenience. Agencies can significantly enhance in-moment remittances by offering borrowers hassle-free means of fulfilling their obligations and guiding them to the correct payment links.

Predictive Dialers

Traditionally, collection agents spent significant time manually dialing numbers and waiting for debtors to answer their calls. This frustrating process led to several challenges, including incorrect or outdated contact numbers, unresponsive debtors, and non-contextual interactions. Predictive dialers have emerged as a solution to these challenges by automating the dialing process.

Calls are placed from a pre-uploaded list of debtors, and the dialer ensures that the numbers are validated and accurate. As a result, agents no longer need to spend valuable time dialing numbers manually. They are seamlessly connected with debtors who answer their calls. This automation also filters out busy tones and answer machines, ensuring that agents spend more time engaging in meaningful conversations and less time navigating unproductive interactions. Agents can now achieve 4-5 hours of talk time during an 8-hour shift, a significant increase from the past.

Advanced-Data Analytics

Historically, collection agencies had to resort to a one-size-fits-all approach while devising collection strategies. This was because they lacked sufficient customer data. However, with the advent of big data and advanced analytics, agencies now possess the tools to craft more targeted outreach strategies.

For instance, based on historical data, agents can decide the best time to reach the borrowers, leading to improved call pick-up rates. Additionally, they can categorize borrowers into different risk profiles, such as hard or soft buckets. They can then choose an online or field collections strategy and promptly identify delinquent customers. Furthermore, collection agencies can evaluate agent performance and monitor real-time conversations. This critical insight helps identify training needs, track outcomes, and ensure that borrowers are assigned to the right agents based on factors like region and predefined categories.

Omnichannel Communication

Borrowers have different preferences when it comes to communication. Omnichannel communication ensures that agencies can meet borrowers on multiple communication channels. This flexibility ensures that borrowers can engage in discussions regarding their debts through the most convenient means, ultimately enhancing response rates and fostering more productive interactions.

Unsurprisingly, around 80% of customers prefer omnichannel strategies due to the seamless communication experience. What makes omnichannel particularly powerful is its ability to integrate multiple channels seamlessly. This means that if a borrower initiates contact through one channel, such as a chatbot on a website, and later decides to call the agency, the agent has access to all relevant information. This eliminates the need for redundant explanations and boosts productivity for both borrowers and agents.

Customer Relationship Management (CRM) Systems

As agencies grow in scale, the sheer volume of customer interactions can become overwhelming. Agencies can not only end up losing valuable insights but also suffer negative consequences related to agent productivity. CRM systems, powered by technological advancements, are revolutionizing the collection industry by integrating various communication channels and data sources. This has streamlined collecting, storing, and retrieving borrower information.

Collection agencies now have a comprehensive and organized platform to manage interactions with borrowers. They have 100% visibility into borrowers’ profiles, which enables highly personalized conversations. CRM integration has also improved agent productivity by automating routine tasks, like data entry and follow-up reminders.

Partner with Exotel!

As the collections industry continues to adopt the latest technologies, it stands ready to deliver improved outcomes for all stakeholders involved. For borrowers, these innovations translate into more convenient and empathetic interactions. On the agency side, the benefits are equally compelling and include increased efficiency, reduced operational costs, and better compliance with regulations.

Collaborating with experienced industry leaders like Exotel can be particularly valuable for businesses seeking to maximize these advantages. Exotel’s solutions offer a range of benefits, from extending business reach and providing multilingual support to improving promise-to-pay ratios and lowering the cost of customer coverage. Importantly, Exotel’s collection platform ensures that customers feel supported like a trusted friend. This helps build synergy between technological innovation and customer-centric solutions, benefiting everyone involved.

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The Role of Predictive Dialers, Bringing More Sales For Your Business!

What comes to your mind, when you hear the word Predictive Dialers? Is it a device to dial numbers or software? Don’t know? You will be surprised to know that it can be a significant addition to boost up your sales! Well, this blog will give a brief idea about the dialers. Well, the answer to this question is quite obvious. All of us know that and have realized in recent times how important customer service is to businesses and their call centers in India. As it is the only way and probably the best methodology to retain existing customers and maintain long-term relations with them while adding new ones into the kitty. Most of the businesses already have or on the verge of losing a large chunk of customers due to the pandemic. One of the top 3 reasons is their inability to manage time. Yes, time management is the most important deciding factor, when it comes to enhancing your customer CX. So always remember that in this competitive market, predictive dialer has become the basic need for most businesses.  The choice you make when it comes to choosing the right VoIP service providers is very essential for productivity and meeting sales goals. Why? Gone are the days when agents used the age-old manual dialing machines to punch in the numbers and connect to the customers. This system of dialing calls was not only time-consuming but also very unpredictable at times, as maximum numbers of inbound calls are usually landed up in the answering machine, or few numbers would be unavailable. Predictive Dialers brought a whole new dimension to the business calling process, by changing the age-old process for a lifetime, with its auto-swift dialing software and notable features. How do you define a Predictive Dialer?  You can call it the most intelligent and ideal outbound calling system that uses complex computer algorithms to make calls. It works by dialing numbers a few seconds before an agent has ended an ongoing call so that the agent can be on the next call without any downtime. The most notable point about this dialer is that it uses efficient statistical algorithms to predict the duration for which the agent will be on call and when to make the next call. A VTS predictive dialer empowers the business as it places calls at optimized times while filtering out anomalies like answering machines, busy networks, and disconnected calls. Why Predictive Dialers Are Important In Sales? If you talk about the benefits of dialers, there are many to describe, But the most important one is, making your salesforce more efficient and effective. With a VTS dialer, businesses can improve the dialing rates as the dialer effectively handles an enormous amount of leads at once. Let’s look at the reasons for using the predictive dialer to boost the sales of an organization: - You can manage your leads with more efficiency:   Managing the leads effectively is one highly daunting yet crucial task. Predictive dialers can integrate lead management software that – Accelerating the lead response process to achieve better results Optimizing your current sales practices to achieve bigger goals Organizing the credible sales data in the CRM Organizing the customer history calls records and all call-related data that relate to your business This software determines the most appropriate number for calling the customers, filters out the “do not disturb” numbers. All data related to call activity is stored in the CRM for effective lead management. You can easily assign inbound calls to the available agents, with no missed calls: VTS Dialer intelligently assigns the calls to the available agents. It works on a statistical algorithm that starts dialing the subsequent number before the agent finishing his previous call.            This method ensures that – You can make sure you don’t face downtime (that is the time during which a machine or system is out of action) You can give your agents an equal opportunity to handle calls without any bias Your live agents can conveniently switch between inbound and outbound calls Live agents are available with all the necessary information on their fingertip like the best time to call and get data about the current call  - You can bring down the operational costs to a minimum: Of course, the cost is the most important factor for any organization, as businesses run on profit. A VTS dialer reduces the operational costs of business while simultaneously increases the sales of the organization. This reduction is possible due to the lesser number of outbound calls placed on the voice channels. One significant advantage of predictive dialers is that it rules out the requirement of installing an expensive PBX setup or the need of an operator who manually maintains the call logs. Also, the predictive dialer ensures that – Offers monthly or annual pricing options Call abandonment rates are reduced This means that a predictive dialer can deliver a high Return on Investment(ROI) with substantial profit to any organization or business. - Your agents are now more productive & empowered: Having more agents is of no use if they are not equipped with the right tools. A predictive VTS dialing solution helps to improve the efficiency of the agents working in a team. It creates a healthy work relationship between the agents and the administration.  Dialers enhance agent efficiency by – Eliminate the need to manually dialing the customer numbers Determine the optimum time to call and predict when a current call will end Enable the working of dialer and automated call distribution system  to assign calls Reduce agent’s wait time or idle time to ensure maximum productivity Thus, a predictive dialer significantly increases the productivity of the agents and creates a balanced working atmosphere in a company or a business. - You can engage with a larger audience base in less time: Predictive dialer service has revolutionized the way businesses interact with customers. The intelligent outbound call processing system of the VTS dialer helps in efficiently outreaching a large customer base. Predictive dialer solutions accelerate the contact ratio and increase the agent talk time by up to 300%. The dialer delivers the maximum number of live cells to the agents, thereby allowing the agents to handle the best possible calls. With this dialer, the sales reps can call multiple numbers at one go. This feature of the predictive dialer also reduces the waiting time of the agents to get connected with the prospects. Thus, a predictive dialer enables connecting with a large customer base by – Save agents’ wait time which can be further utilized to dial more numbers Grab the right opportunities by dialing only those numbers that are of potential benefit to the business Respond to the high priority leads faster and establish customer relations. How to know that your Predictive Dialer is a sales complaint or not? With the growing business demands and customer expectations, it has become imperative to empower your business with the right calling software. A hosted predictive dialer can, therefore, boost the efficiency of the business, increase sales as well as drive customer satisfaction. To summarize, from the sales point of view, a predictive dialer is the ideal solution to boost productivity and give the best ROI. In addition to this, having a Predictive Dialer has its own benefits. The best part of having a  Predictive Dialer is, you can make calls and connect to the right person without wasting time & energy, the setup is quite easy, no need to buy expensive equipment, save on monthly bills on conferencing solutions, take advantage of notable features, and last but not the least you are now among the gihr rated service providers. So, very little inspection is required too. When you choose an Indian VoIP service provider, their specialists will complete a little overview of your current infrastructure and what can be done to improve. What’s more, within a couple of minutes you will have the capacity to solve your problem. It is uniquely intended to help new companies. Are you a featured business, start-up, or any third-party service provider, looking for reliable VoIP Providers that can provide you with an advanced predictive dialer that can be integrated with your current business phone systems? VoIPTech Solutions is the right door for you. We offer you the most advanced call center software powered predictive dialers that not only help you frequently dial without wasting valuable time, but also bring a whole new dimension to your business communication & customer support. Why consider us? Well, with us you get international phone numbers in over 165 countries. Our paid VoIP MInutes plan starts at $10 per month and goes up to $20 per month. Our featured VoIP solutions come with an extensive range of features to meet your business requirements. Sign Up and get FREE $5 credit today! To get more information about our VoIP plans, you can contact us anytime at: [phone]. Read the full article