One of the most powerful tools that can help debt collection businesses achieve their goals is a CRM (customer relationship management) system that integrates sales enablement and AI (artificial intelligence) features.
We don’t have to tell you how challenging the debt recovery/collection business has become in the past few years. From keeping up with new regulations to equitably speeding up the collection process, it’s not easy.
That’s why you need the proper toolset to meet these challenges. TigerLRM’s CRM with Sales Enablement powered by AI will help you:
A CRM (Customer Relationship Management) system alongside AI-powered sales enablement will allow you to make connections with debtors and provide meaningful services as they go through their debt collection customer journey.
While “sales enablement” is typically considered for sales, which it does exceptionally well, it also works well with the customer's debt collection journey.
The debt collection customer journey, sometimes called the debtor’s journey, consists of four main stages a debtor goes through, from the moment they incur a debt to the moment they pay it off or settle it or choose not to pay it. This includes:
Sales enablement helps your team follow each stage of that journey with specific collateral, objections, and talking points to help debtors along their journey and be seen as trusted advisors, not adversaries.
AI can search communications, records, legal documents, and more to find patterns and data to help your team respond to debtors' concerns and generate more revenue.
AI is increasingly critical in the debt collection and recovery industry. AI will allow your company to use highly advanced analytics, pattern recognition, and machine learning (ML) to automate your debt collection strategy.
Teams can make data-driven decisions and drive DSO levels down, increasing team efficiency and revenue.
Some of the main challenges to the debt recovery industry in 2023 include:
The Need for Real-time Data: With debtors having multiple points of contact and transient contact information, real-time data is needed to keep representatives updated. TigerLRM can track and record all communications in the CRM application; this includes social media, phone, email, and more.
Scalable Needs: Identifying and gauging vulnerable debtors and finding their scale of need is essential. Use sales enablement to create unique case lists and other criteria when your cases fall into scale needs.
Case prioritization: Identify increasing numbers of cases that can be attended to by your current staff and operation. Using AI-driven data, TigerLRM can learn patterns based on existing data and prioritize your cases.
Laws and Regulations: Reps must follow all industry regulations and be informed of new laws. With TigerLRM’s Learning Management System, you can train new hires and existing staff on or off location on any device.
Connection issues: Consumers as a whole and debtors answer their phones less often, and new rules limit the number of contact attempts. TigerLRM’s powerful data reporting and contacting features, including social media, SMS text messaging, email, direct dialing, and more, can make communications far easier.
Account Settlement: New laws, including those regarding medical debt and reporting, are changing how accounts are settled. Your playbook in TigerLRM can guide your reps on navigating changes in the account settlement process with pre-populated management-approved templates.
Customer Data Automation: Freeing up workflow is a priority, and consolidating data about your debtors can prove very challenging. Your CRM can automatically collect debtor information from various sources, providing a more comprehensive view and options. This frees up agent time, so they can become more productive and increase debtor contact.
Communicating with debtors is challenging, but you can improve your results and efficiency with the right processes and tools. Here’s how a CRM with sales enablement can help:
Debt recovery and collection is still a growing market in 2023, and despite the competition and challenges, the industry can be very profitable. But businesses must use the best tools and technology to stay ahead of the competition. Using TigerLRM, the CRM with Sales Enablement built-in, powered by data-driven AI, can give companies a competitive advantage.
To assign a sales enablement user, simply go to Administrator > User Management > Edit User.
Once you are on the user's information, you can select if you want them to be "Non-Admin," "Admin," or part of the "Enablement Team." Save this information, and your desired user will have the right access.You can access your Dashboard here.