With need to inform the Customer of dues well in Advance and setup a reliable interaction methodology with the customer there’s an inherent need to categorize customers into buckets (depending on customer risk) and  Prioritize and implement timely collections. Collection processes seek to increase early stage contact and enable a structured process with least human intervention. Processes which drastically minimize write-offs, Utilize resources optimally (back-office agents, field collections), Curb overhead costs and efforts, Use tools that allow designing and rework of process to improve the bottom-line and Measure success at each stage and allow gaps to be filled over time are ideally suited for a typical collections activity.
The Challenges faced by collections processes are presently used manual methods of reaching customers or wherein Customers don’t pay because they are not reminded on time or there are others who are competing for customer’s limited funds

Need is to Implement proactive customer contact for collections – Be the first to reach, Maximize collection in the earlier stages as opposed to later. Delays will increase defaults so collect minimum payment/monthly installments with centralized mechanism to manage and reduce duplicacy and process coherent decision making. Provide proactive information at right time to reduce customer churn. Report at each stage to fine- tune the process and have a system to allow  rating of teams / collection agencies in their effectiveness.

Ameyo with its capability of multiple contact modes such as

• Broadcast mode
• For early stage collections, can be coupled with SMS, Email capabilities
• Predictive mode
• Increases agent occupancy to 4 times. Increases contact rates
• Can be used for best customers, who don’t need time
• Preview/Progressive mode
• Gives agent a chance to review information, and be prepared
• Can be used for bucket 2+ customers who need customized service

With the utilization of innovative features Such as automatic callback scheduling, agent voice prompts and recent trendsetting innovation PACE which markedlyachieves 20% better number picked in 2 rounds based on telephony dispositions while reducing effort wastage on unproductive data.

Business Benefits

• Use custom CRM with data attachment, key fields. Exploit additional capabilities designed for collections like “Assign to field”, Update bucket, One-click reminder, Email-templates, SMS templates.
• Use integrated voice logger with single click listen/download capabilities (QA role) – Captures promise-to-pay. Attach notes to voice logs for faster processing and do effective Supervision and QM.
• Reduce the overall time spent on wrap-up while maximizing operational efficiency with automation ensure higher collections with best policy implementation.
• Increase customer loyalty without compromising on collections through supervision and Monitoring tool for better floor management and reduce wastage of resources and a reporting tool for effective process mapping and management for analytics