The use of text messaging in the collection of debt is starting to provide great benefits, obtaining a level of performance that other forms of communication do not usually reach.
You have problems with your credit card, it’s been delayed in payment. You are getting chased with letters and phone calls that you ignore. Almost without realizing you are in the 89th day of the 90 days deadline and what initially presented little problem now has become a serious problem.
But you have a text message that answers and before the process becomes longer and more complicated you have reached an agreement with a financial company and avoid the stress and embarrassment of a new call. So you return to the paradise of a healthy economy and go back to sleep soundly through the night. Welcome to the power and effectiveness of text conversations.
The power of text
What I have just described is an incredibly useful business process that companies who have contact with customers are beginning to systematically use, based on advanced contact technology, and that is beginning to provide major benefits in terms of:
- Improved efficiency
- Better profiting of time from call center agents
- Reduced recovery time
- Generating customer dialogue where other communication channels have failed
But why does this happen and why are text messages such an effective channel in the collection?
Texting, a way of life
We have become a nation of fans of texting: a study by Ofcom last year shows that the British sent a weekly average of 50 messages, with over 150 billion text messages sent in 2011 alone, and 96% of people aged between 16 and 24 use some form of text-based application in their daily conversations with friends and family.
But the fact that we like to talk through text and find a very easy to use media is just one of the reasons for which the text messages are “revolutionizing” the scenario in which the costumer support teams operate. The other reason is that it is a means of communication that strikes a good balance between intimacy and distance in a much greater way than for example a call in real time.
This occurs because, through a text message, the client feels stress-free and better able to reach a payment agreement. He or she knows that the text message is about a difficult subject but does not feel as pressured as in an extreme situation (could be at work or traveling or relaxing), as if they had to answer an agent’s phone call.
Less staff investment
Through SMS, there is less investment in staff and a lower risk of rejection of a payment proposal, when compared to a telephone where customers feel a greater level of tension and could reject it and the situation worsen.
Do not saturate clients with a barrage of calls
Texting works for this. A leading financial services company said that “sometimes people just end overtaken and blocked by a problem. If they are systematically pursued with constant calls, the doors of a possible deal closes abruptly”.
Redefine your business processes and take advantage of the power of texting to end the “ineffective persecucción” and work smarter to recover the money they owe you.
Article courtesy of CreditToday and VoiceSage | © Mark Oppermann, June 2014
Translation to Spanish performed by IM Solutions.