Multi-Channel Collections in Automotive Finance

Multi-Channel Collections for Automotive Finance

Drive collection results with multi-channel engagement and analytics.

SOLUTION DETAILS

When a vehicle goes to repossession, nobody wins.  Avoid this situation by being proactive and reaching out to customers at the right times through whichever channel (or mix of channels) works best.

Understanding the difference between a good customer who is late on a payment and one who is under financial stress allows you to take a highly segmented and personalized approach that makes a big difference in your ability to achieve optimal business results.

This approach helps to avoid manual and sometimes awkward phone interaction to empower your collections teams to deliver the right message to the right customer at the right time and build a longer term customer relationship.

  • Avoid repossessions and positively impact your customer's credit by using data and analytics to predict outcomes and prescribe treatments.
  • Take advantage of FICO's leading optimization capabilities to create highly targeted segments that can not only predict customer behavior but prescribe specific treatments that will improve your business outcomes, designed for collections best practices.
  • Leverage automated voice, text (SMS), email and mobile app notifications to promote cost effective self-service and a better customer experience.

Resources

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FICO® Customer Communication Services

Today, customer engagement has taken on much greater significance. It's no longer enough to identify who needs to be contacted. Now it's critical to know how to contact and communicate with that customer — effectively. FICO® Customer Commu...
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Best Practices in Using Automated Communications throughout the Auto Finance Customer Lifecycle

New auto loan customers represent a tremendous opportunity. For banks, they represent an opportunity to establish new, multi-product relationships. For captive auto finance companies, they represent an opportunity to establish and/or stren...
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2018 Consumer Survey of Automotive Finance Perceptions USA

In late 2018, FICO commissioned a global independent research study with 2,000 auto consumers across nine countries to better understand key consumer perceptions within the vehicle financing experience. All survey respondents were adults b...
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2018 Consumer Survey of Automotive Finance Perceptions Australia

In late 2017, FICO commissioned a global independent research study with 2,200 consumers across nine countries to better understand key consumer perceptions within the automotive financing experience. Given new and disruptive innovation...