Debt Collection & Recovery
Telecoms today face many challenges, including high roll rates and expensive high-touch contact strategies. A key challenge is to more effectively communicate with customers. A growing number of consumers prefer to conduct business on their mobile devices, and many have a preference for the type of communication they receive, whether it’s via IVR, email, or SMS. Telecoms are struggling to establish best practices around how to optimize these interactions.
Telecoms have to do more with less. By deploying advanced analytics, including AI and Machine Learning, they can gain a greater understanding of customer expectations and experiences. By automating processes and improving the customer experience, we have actually seen delinquency rates drop by 40%, collection costs drop by 15%, and a reduction in the number of days it takes to collect.
Customer experience and satisfaction has been ranked a number-one business priority by a large majority of the top telecoms, globally. By incorporating automation into their business, they can deliver the value of the company’s best-performing agents, while flexibly scaling them to handle whatever level of capacity is required on any particular day. These new tools help telecoms deliver the right message for a consumer, and convey it via their preferred channel at the right time – thus maximizing the likelihood of a successful outcome.
FICO and Cox Communications recently presented a webinar on “Telecom Trends and Best Practices in Omni-Channel Collections.” A recording is available at: https://content.fico.com/l/517101/2019-04-04/7xfg5