illion Digital Tech Solutions improved on the control group collection results and all collection KPI’s with 67% more cash collected within 4 days.
As a regulated energy provider in the UK, the energy retailer is committed to the fair treatment of their customers. Early engagement with convenient payment services is a key goal to ensure customers avoid the further consequences of an outstanding balance.
In order to achieve this the energy retailer needed a solution that could interact earlier with their customers whilst minimising in-house resources.
To improve early stage collections, increasing cash collected earlier via a high volume, low cost service that provided a convenient payment service for customers.
Digital Tech Solutions leveraged its 26+ years in automated communications and payments to provide a two-stage reminder service for customers entering early stage collections.
- Cost per record of contact
- Percentage collected on total file
- Overall return for every £1 spent
- Customer Experience
Targeted customers receive a friendly reminder before their account becomes overdue, offering payment by credit or debit card. For customers whose account subsequently falls overdue, further reminders are scheduled to encourage the debt to be resolved prior to more formal contact.
Contact is via Interactive Voice Messaging supported by SMS and a self-service payment line. Customers are able to speak to a debt specialist advisor during contact centre hours to deal with more complex debt issues and to care for vulnerable customers.
Digital Tech Solutions employed a consultative approach with the energy retailer. Strategies were devised and rigorously tested against control groups to verify the anticipated benefits.
3,000 customer records were tested over a 25-day period and compared against a control group of 3,000 customer records who had letters only posted to them.
A telephone-based customer survey was conducted to gain feedback on the nature of the service and customers reactions to it.
- Improved customer experience – 76% of survey customers agree
- Cash collected earlier – 67% more overdue payments received within 4 days of activity compared to control
- Overall reduction in early stage debt – 5% more customers removed from debt after 25 days compared to control
- Friendly reminders improved pre-collections – 246% improvement compared to control
- Viewed by Ofgem and Consumer groups as a positive and proactive means of follow up
- Reduced op-ex through reduced live agent outbound dialing and posted letters
Digital Tech Solutions improved on the control group collection results and all collection KPI’s:
- 67% more cash collected within 4 days
- 150X ROI £150 for every £1 spent*
- 76% agree customer experience improved
- 5% more customers removed from debt within 25 days
* Includes customers that paid on the Digital Tech Solutions service, and those that received the Digital Tech Solutions reminder and paid by other methods.
“illion Digital Tech Solutions enhances our debt collection strategy by allowing us to pro-actively contact our customers earlier, offering them a convenient payment service that yields results and improves customer satisfaction.”
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