After working with illion Digital Tech Solutions, the company reduced its collections costs by 75% and brought average payment times forward by more than 4 days.
This telecommunications provider faced a number of challenges within their credit and collections areas:
- Rising costs of collections
- Increased numbers of customers entering collections
- A large number of customers (24%) falling into account restriction due to non-payment
- Increased pressure on call centre agents
The company needed to reduce the cost of collecting outstanding monies and keep calls away from an already pressured call centre staff, while maintaining a great customer experience.
With a focus on delivering an outstanding customer experience, illion worked closely with the credit and collections teams to fine tune an effective contact strategy, increase collections and reduce DSO (day sales outstanding).
We implemented a multi-stage and multi-channel automated contact strategy using SMS, WebPay, Pay by SMS, and inbound and outbound IVR (interactive voice response).
- Regular contact cadence, by providing frequent reminders with gradually increasing language
- Frictionless payment journeys
- All illion channels were designed to recognise the customer without the need to remember account details
- Fully automated outbound contact
- Lower cost than using agents
- Ability to reach far more customers in a given time period
- Pay By SMS providing the easiest and most effective payment channel available
Working with illion, the telco saw fantastic results:
- The cost per $1 collected reduced from $0.08 to $0.02
- 35% fewer customers falling into collections
- 66% fewer customers reaching account restriction
- 70% fewer customers reaching account suspension
- The average payment date brought forward by 4.3 days
Want to learn more about illion Digital Tech Solutions and how we can help your business to streamline the payments and collections process? Contact us today