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6 Ways to Improve Efficiency in Collection Agencies

Posted by VoApps on 12/19/18 9:00 AM

In our world, time is money. It’s vital to improve efficiency in collection agencies and not leave any gaps open. With the right team, processes, and technology in place (just to name a few), you’re on your way to being the most efficient you can be.

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Our top ways to improve efficiency in collection agencies:

Within your organization:

  1. Proper training. Having the right team is step one. Make sure the people you’re hiring are quick learners, efficient, and good at managing their time. In addition, set up a model for your agents to follow in order to ensure efficiency and consistency across your team. A model should include a proper greeting, proper resolutions, correct terms to use, terms to avoid, and a proper closing. Monitor your agents to ensure they’re following your model and to make sure they’re being as efficient as possible.
  2. Coaching. Initial training is important, but regular coaching is just as vital, if not more vital. Sit in on calls regularly and keep a pulse on the industry as well as what your team members are doing. Regular check-ins will give you the opportunity to address any concerns before they begin costing you time and money.
  3. Focus on customer service. It can be easy for agents to fall into a regular routine and forget the human aspect. Never allow your team to sacrifice customer service for processes. When debtors feel like agents understand and empathize with them, they’re much more willing to pay. When they feel guided through the process rather than overwhelmed, they’re much more willing to be compliant. Educate and train your employees on this and they’ll have a much easier time being successful agents.

Using tools:

  1. Data and analytics. Let data speak for itself. What data are you gathering on your callers, their calls, and the number of debts collected? What can this data tell you? Analyze your data regularly in order to pick up on any areas that require improvements or adjustments in order to increase efficiency. Regular reporting will allow your team to be more transparent and clear on what is expected and what might be going wrong. This will also come in handy during your regular coaching sessions.
  2. Stay ahead of the industry. When it comes to trends, regulations, and new technologies, always stay ahead of the game. Provide your team members with necessary resources and guide them on what’s important. When it comes time to adopt new technologies or change up processes in order to stay compliant, make sure you’re communicating the importance and are open to answering questions.
  3. New technology. Allow technology to make your job easier; that’s what it’s there for! Technology such as DirectDrop voicemail can help take out some of the pain that you and your agents feel, and help you be more efficient in everyday tasks.

 

We want to help make your collection agency more efficient. We believe people want to pay their debts, they just don’t want to be ambushed by an unscheduled call. With DirectDrop voicemail, a voicemail is sent directly to the consumer’s mobile phone, giving them the option to call back when it’s convenient for them. When a customer can choose to return your message on their own time, it leads to better interactions and more dollars collected. Transform your call center into an inbound shop to concentrate your agents' time on profitable tasks. Get started today.