Finding the right debt collection software to improve efficiency and empower your collections teams is critical. Optimize collections processes and increase the rate of financial recovery in lending with borrower insights, automation, and AI.
Give collections agents the tools and confidence they need to successfully recover funds while maintaining positive borrower relationships.
Using the power of data and AI, Einstein can detect and flag inconsistencies in payment behavior that may suggest a borrower is likely to miss one or more payments. These insights can trigger alerts to bankers or advisors, or automatically notify the borrower about upcoming or slightly overdue payments. And it does it all with the intent to encourage timely payments and prevent accounts from being marked overdue and routed to collections for recovery efforts.
Create a series of omnichannel communications to help bring borrowers' accounts current before they are routed to collections. Pre-collections outreach journeys can be customized for various loan and account types. Using templates and automated drip campaigns you can ensure borrowers receive personalized communications tailored to their unique situations, without requiring your service team to craft and send emails on a case-by-case basis.
60% of collections cases are resolved through re-debiting. To make this process easier, automated actions can be triggered to initiate another debit on a specific account, aiming to secure payment and prevent account delinquency.
Automatically sort and distribute collections cases based on predefined criteria such as collection type, borrower location, case complexity, outstanding balance, borrower demographics, and more. Assign these cases to collections agents who have the appropriate bandwidth and expertise to handle each specific case effectively.
Equip your collections agents with a unified console, giving them a 360-degree customer view of each borrower. AI tools embedded directly within agents' workflow help automate manual tasks and assist collections agents through various processes.
Use AI to interpret conversations in real-time, giving agents key talking points to guide discussions and enhancing the likelihood of successful financial recovery during interactions with borrowers.
Configure analytics and performance monitoring dashboards to give collections managers the tools they need to accurately measure the effectiveness of recovery and collection processes, assess productivity savings, and evaluate agent performance.
Use templates and low/no-code tools to build end-to-end collections processes with ease — saving your collections agents time and increasing productivity via a step-by-step process flow to successfully recover funds every time.
Record and monitor borrowers' promise of payment with customizable promise-to-pay widgets which facilitate tracking, reminders, alerts, and escalations for both borrowers and agents, ensuring timely follow-up and accountability.
Payment integrations and Salesforce Pay Now allow collections agents to capitalize on the moment a borrower agrees to pay. Agents can send payment links in real-time, allowing them to collect payments and settle delinquent accounts instantly.
Let collections agents focus on leading productive conversations instead of wasting time toggling between systems when you centralize data under a single collections management platform by integrating with loan management and debt servicing systems. .
Collections is a heavily regulated process and the regulations vary by region. From FDCPA to Regulation F, Salesforce has built-in customizable controls to ensure your collections processes remain compliant — FDCPA controls are configurable for Collections & Financial Recovery.
Financial services firms can confidently import large volumes of collections data into Salesforce, being assured that the platform can handle advanced error management.
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200 monthly collections credits included. Additional collections credits available.
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Collections and financial recovery are processes used by businesses to manage and recover outstanding debts from customers or clients.
AI can cut the time collections agents spend on necessary manual tasks, give agents personalized tips and talking points tailored to each customer's case, and assist in both routine and complex collection scenarios. This enables collections agents to successfully manage and collect on more accounts.
Improving collections processes is achievable with solutions and platforms that offer comprehensive, 360-degree views of borrowers, automate manual tasks, and unify data. These capabilities empower AI to accurately support collections agents throughout the financial recovery process.
CRM helps companies connect to borrowers and collections teams across departments, run business efficiently, and boost customer satisfaction and rate of financial recovery. Debt collection software provides the real-time engagement channels and case management tools to manage collection cases.
Evaluate your company’s needs and goals, thinking about the different collection methods your company uses today. Think about what your goals are and what you want to change to achieve those goals relative to your approach to collections. Then, choose the software that will fulfill those demands!
