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JaywingDMG, the credit risk, fraud and marketing specialist, is launching Digital Collections, a unique proposition which will improve the efficiency of pre-delinquency and collections activities within financial services, utilities, telecoms, retail credit and local government. This is the first product suite of its kind, combining JaywingDMG’s unrivalled analytical and digital expertise to enable organisations to tailor multi-channel collections strategies based on the individual circumstances of customers in or approaching financial difficulty.
As consumers struggle to meet their financial outgoings and organisations retain more debt in-house, the collections environment is coming under increasing pressure for resources. In response, JaywingDMG has created a dynamic Digital Collections product suite which marries online and offline customer data, internal business rules and a variety of risk factors to generate decisions on the most suitable, and cost efficient collections communications.
Digital Collections introduces dedicated intelligent microsites (a self-contained web site built for a specific purpose to supplement a larger site) with online payment processing functionality, and guidance to help customers manage their money and get help when they fall into financial difficulty. For customers who are unable to repay their debt in full, the site captures data about their income and outgoings, ensuring both parties are fully informed of their financial status. Customers are encouraged to manage their repayment plans online and agree affordable instalments. The microsite uses business rules, controlled by the business users, to automate the assessment of payment proposals in real time. Customers can even enter into a live web chat with collections agents, engaging debtors who may be reluctant to speak over the phone, and enabling agents to handle multiple cases simultaneously.
Taking this self-cure approach to customers with a higher propensity to pay will enable organisations to optimise their collections resources. As such, skilled agents can be diverted to those cases that require a more direct and human approach. The automation of administrative tasks and the self-serve functionality will be instrumental in reducing costs, empowering debtors and improving customer service. In pilot studies carried out over a period of 12 months, results showed payments and roll rates remained the same for the majority of customer segments while costs were significantly reduced.Â
In addition to the microsite, Digital Collections intelligently combines data and insight to drive the right communication to the right person at the right time and through the right channel. By extending the collections toolkit beyond the traditional telephone, statement and letter channels and adopting email, SMS and automated voice where appropriate, collectors can increase effectiveness and reduce costs. Customers are segmented according to their propensity to respond to communications via a particular medium, and this insight is combined with credit risk and fraud scores to inform the most appropriate integrated communications strategy.
Through JaywingDMG's expert strategy design and analysis, collections performance will be continuously monitored for efficiency and improved on an ongoing basis. To complete the mix, JaywingDMG's expert training team offers a range of training programmes to focus on the human side of collections.Â
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Digital Collections is based on the same award-winning technology as Digital Brain, already credited with a ten-fold increase in call centre efficiency at Hitachi Capital and an equivalent increase in sales of Thomas Cook Financial Services' credit card product.
Steve Denby, CEO at JaywingDMG commented:
"Collections teams are finding themselves under growing pressure to ensure the performance of their collections strategies is fully optimised. This Digital Collections product suite is unique in its ability to combine an analytical approach to improve the efficiency of collection strategies with cutting edge digital marketing techniques, enabling organisations to make cost effective and analytically-driven decisions, while simultaneously streamlining and automating the collections function."
