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Can I text? Collecting debt using text as part of an omni-channel communication strategy

Can I text? Collecting debt using text as part of an omni-channel communication strategy

Published by: Research Desk Released: Jun 22, 2020

Champion/Challenger Test Results:  How Did Omni-Channel Communications for Collections Perform at One Major Retail Bank?

Many banks and credit unions struggle to make a business case for investment in collection technology. In particular, many banks and credit unions have implemented some forms of omni-channel communications to communicate with their customers and members, but many have only deployed partial or siloed solutions for collections.

Read the Executive Brief “Can I Text? Collection Debt Using an Omni-Channel Communication Strategy”

This brief shares high level guidance on how organizations are navigating the choppy regulatory waters, best practices for obtaining consent, recommendations for messaging, and the hard lessons learned by organizations that deployed omni-channel communications in a siloed and piecemeal fashion.

The brief also presents the results of champion/challenger tests conducted at two major US financial services organizations.  Each organization experimented with different combinations of collection approaches to see which combinations delivered the best collection performance.  The results might surprise you.