6 Ways Self-Service Solutions Can Improve Consumer Payments

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Today, an increasing number of ARM companies are recognizing the benefits of dedicated self-service platforms. Consumer self-service platforms can help deliver more solid performance, increased profitability, and improved customer satisfaction – enabling them to take more of a driving role in their collection journey, setup a plan that works for them, and automate their payments.

Whether your end goal is workflow optimization or greater customer engagement, a cutting-edge self-service platform can improve your bottom line in one way or another. Let’s learn how.

1. Enhanced consumer experience through self-service

By investing in a self-service platform, you can extend the digital, personalized experience that consumers had with their originating creditor across delinquency and charge-off stages.

A self-service (and a consumer service) platform let consumers connect with you through their preferred channel and seamlessly switch between channels to help you deliver an outstanding consumer experience. A redefined chatbot with live chat option, website integration, mobile app, text/SMS, and email options give consumers the choice to self-serve and easily manage communication consent, get answers to questions, update account information, access documents, and leverage Reg-F compliant e-signatures on important documents. IConnect247® enables your agency to significantly reduce the turnaround time, increase compliance, and reduce inbound calls by meeting consumers in their preferred digital space.

2. Improve consumer communications for better collection outcome

As consumers increasingly choose to communicate through digital channels, you give consumers the flexibility to choose how they wish to communicate with you and then seamlessly switch between methods of communication without restarting the conversation. Consumers can begin an interaction with text messages and seamlessly roll into an online live chat without a break in the conversation.

For your agents and business intelligence department, a single integrated self-service platform allows for easy management of consumer interactions across any channel. Even when agents reach out to a consumer via a conventional channel, they can always email or text them (only with their consent) with a link to drive them to the digital platform for self-repayment. This way, when a consumer switches to a new channel of communication, the context of the conversation is not interrupted. This ultimately leads to delivering a consistent customer experience and easier payments.

3. Secure automation that integrates with your existing collection systems

A cutting-edge self-service platform such as IConnect247® integrates securely with payment vendors and collections systems, using automation. This helps you, in turn, reduce errors, increase compliance, and deliver the highest levels of data security. Instead of spending valuable time on manual data entry, the self-service platform seamlessly integrates into your existing workflow, which allows more communications to be handled by fewer agents. Instant and secure processing protects against fraud by checking the validity of card information at the time of payment.

As a user of IConnect247®, you can set rules for automation that include the acceptance of settlements, allowable payment methods, and the creation of custom account resolution solutions. The configurability, in addition to automation, can help businesses write custom disclosures, depending on consumer type, state the consumer is living in, and their credit journey. The customer interactions can be configured by language, and the payment options can be configured at any level.

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4. Drive revenue by making it easier for consumers to pay

With omnichannel payment options, you get to simplify the payment process for consumers, improving account resolution and increasing your revenue. Consumers live digital lives and demand payment options that can be made from anywhere with the touch of a finger or the click of a mouse. An interactive platform such as IConnect247® enables fast payments through our secure, comprehensive, self-service portal using your existing payment processor.

5. Build omnichannel presence to maximize revenue

Today’s consumer interacts across multiple channels and multiple devices each day. With rapidly evolving consumer preferences and new regulations regarding consumer communications, a self-service platform can help you stay at the forefront of technology while strictly adhering to the requirements of current CFPB rules. An advanced self-service platform such as IConnect247® can provide expanded options for communication including managing consumer consent, limiting communication volume, secure document exchange, and selecting preferred communication channels.

6. Intelligent insights to transform performance

An advanced self-service platform, when aligned with a speech analytics platform, can provide data for QA intelligence, and tracking of remediations. The reporting from both platforms (when combined) can offer you systematic learning opportunities to pivot your collection strategies based on self-service and payment activity trends, to optimize revenue.

By asking your business analysts to analyze the same data, you can even generate insightful feedback for agents and further customize agent scorecards. This should empower you to optimize your agent allocation strategy too, to improve the consumer experience, build agent capacity, and increase conversion rates. Provana’s comprehensive suite combines the superpowers of speech analytics and consumer self-service to help businesses achieve everything mentioned above and more.

Here's an afterthought

Is your business lacking all the abilities mentioned above? Our white-labeled and highly configurable platform, IConnect247®, can help you unlock the full potential of your collections business by maximizing automation capabilities, leveraging advanced analytics, and delivering expanded communication channels to streamline processes, reduce costs, and maximize customer satisfaction. By seamlessly integrating IConnect247® into your business, you can manage consumer interactions more effectively and efficiently while adhering to CFPB’s regulatory requirements (including Reg F) and organizational policies.

For more information about Provana’s consumer self-service platform and how we can help you optimize your business and increase revenue using the solution, click here.