In the Credit Management process
Payment options , here the e-commerce , direct debiting , direct crediting , payment direct from invoice SMS payment ; Monitoring of clients through utilizing reporting technology to gain market alerts ; SMS messaging helps in speeding up communication and responses ; Debt recovery by utilizing in-house legal processes . Then collating data for auto transfer to recovery agents .
Greater use of Credit Management Systems
Automation of collection processes which improves productivity and time efficiency gains tremendously , the automatic reminder notices with the ability to pay from email ; Customer Profiling by categorizing customers based on payment profiles and Credit Risk indicators for both internal and external ; Greater visibility and transparency , here the ability to know where your team are at , at all times of utmost importance .
Better workflow management , identifying priority areas , and automates communication around the policy as it helps set up repayment schedule processes and links to the credit card or automated bank payments , and also initiates dispute process and tracks for resolution .
Customer Profiling about categorizing customers based on payment profiles and Credit Risk indicators for internal and external customers ; Greater visibility and transparency with the know where your team are at , at all times .
The adoption and use of call centers
With the specifics about credit processes , it is time to deliver all the Necessary Channels to Customers . It is a new age for technology like call centers , where you cannot be efficient by simply picking up the phone . Your business needs to be ready for the future . Most businesses right now have a Social media presence , and conversations with customers often happen there .
If you do not provide the appropriate channel with the appropriate response rates and time , you are very likely losing business . It is across all verticals . It may vary by business type what channels of communication are most appropriate for you to open up , but it is not an option to not be multichannel today .
Besides , you need to train People on How to Use Different Channels Efficiently , but having a contact center is not enough . Your agents need to be trained to use the new channels . Or the old channels !
You might find this surprising , but Millennials and Generation Z employees are having a much better time handling up to Seven text channels at one time than talking on the phone . It is easy to determine why they are used to it . Remember , having a true experience means moving the conversation but keeping the context .
As you make skill-based touting a top priority so you need software that allows for that such that it can assign a specific channel or internal task to the agent best suited for it . It is not rocket science ; it ’ s simply efficient management of resources within a call center .
Train your supervisors and administrators to detect top performing agents for each time-frame , each channel , and each internal task , and then make automated rules for your entire workflow .
Ultimately , technology , artificial intelligence , online solutions , and the like give credit professionals the ability to view customer credit data in a single-view pane , said Watters . This includes bank references , financial statements , trade references , credit application information , and more . It is important , as with anything new , to make sure the decisions you are making are the right ones . Some technology options aren ’ t for everyone , so using the correct solution is the first step toward a faster , brighter future in the credit industry .
Wasilwa Miriongi is a Certified Credit Professional currently working as the Managing Director , Del Creder Credit Management Limited . You can engage him on this or related matters via email at : WMiriongi @ gmail . com .
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