Digital Debt Collection for Better Customer Experience

Industry

Standardizing debt collection approach and improving customer experience

CHALLENGE

Debt collectors are fast realizing that traditional debt collection practices like aggressive agents, robo-calls, and prolonged dispute resolution, at times, end up intimidating the borrowers, thereby impacting the recovery rates. Debt collection complaints make up for nearly half of all consumer complaints impacting a bank’s rating. Regulators are working on limiting collection call frequency and encouraging borrower communication through digital channels for transforming the debt collection process. The significant impact of COVID-19 on debt collection and the impending defaults have further necessitated a standardized approach to ensure efficient debt collection management, bring in process consistency, and ease customer anxiety.

TCS SOLUTION

TCS’ Digital Debt Collection Solution is a platform for borrowers and lenders to interact, negotiate, and resolve an outstanding debt on retail loans. Powered by artificial intelligence (AI), it identifies the right consumer behavior for optimizing collection efforts in the right direction, at the right time, using the best possible channels.

It analyzes historical data such as borrower interactions, their personas and behaviors to determine the best course of action for an individual, offering highly personalized payment plans and counter offers. It allows borrowers to explore various payment options to service a debt, schedule a promise-to-pay plan, dispute a debt, and apply for payment relief options. It deploys live chats, video guides and virtual assistance through optichannel to increase long-term engagement with the borrower and increase recovery rates.

BENEFITS

TCS’ Digital Debt Collection Solution offers a range of benefits, including:

Easing customer anxiety by allowing borrowers greater privacy and control over the timing, frequency, and duration of communication
Enhanced recovery rates due to flexibility of payment options and optimized contact points through digital communication
Reduced call volumes, allowing agents to focus on high risk cases
Standardized process, ensuring compliance to guidelines

Transformation starts here

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TCS works hand in hand with world-leading investors.

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TCS is here to make a difference through technology.

We deliver excellence and create value for customers and communities.

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

Global knowledge. Local support

Digital Debt Collection

Industry

Transformation starts here

TCS is here to make a difference through technology.

We deliver excellence and create value for customers and communities.

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

Global knowledge. Local support

Industry

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Transformation starts here