Collections intelligence is the use of data and analytics to improve the effectiveness and efficiency of collections operations in the financial services industry. It involves the collection, analysis, and interpretation of data related to customer behavior, payment history, and other factors that impact collections performance.
Collections intelligence can be used to optimize collections strategies, such as determining the best time to contact customers, the most effective communication channels to use, and the types of payment plans that are most likely to be successful. It can also be used to identify customers who are at the highest risk of default, and to target those customers with personalized communication and repayment options.
On the agent side, collections intelligence can reveal which strategies are most effective and assist agents in employing them, streamline after-call work (ACW), eliminate QA and compliance bottlenecks, improve training data and processes, and allow managers insight into agent performance beyond basic call metrics.
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