“A rise in digitalization, industry convergence, technology fusion, and the proliferation of ecosystems integrated into products and services” is what Deloitte anticipates for the future, according to its 2022 Banking and Capital Markets Outlook report.
The credit and collections sector is no exception. To reduce payment delays and improve recovery rates, organizations must adopt new technologies and digital platforms that enable broader outreach and more effective customer contact.
Why Efficient Collections Management Is Critical
A well-executed collections strategy is key to achieving these goals. It requires using the most effective channels at each stage of the process and allowing customers to engage at the time and through the medium that suits them best.
Omnichannel Strategy in Collections
Omnichannel means integrating and aligning all available communication channels to deliver a consistent and seamless customer experience.
In the context of collections, this approach is essential to streamline operations and enhance customer satisfaction. The customer is at the center of the strategy—interacting through various channels—and companies must offer compelling digital options to encourage engagement. The goal is to provide a unified experience, regardless of the channel used.
“In most collections cases, it’s not that the customer doesn’t want to pay—it’s that they haven’t been contacted through the right channel.”
— Deloitte
By integrating omnichannel capabilities into a collections management platform, a single agent can handle predictive outbound calls, inbound calls, WhatsApp, email, and automated SMS, while maintaining a complete interaction history and accessing centralized reporting.
The main benefit of omnichannel collections is increased efficiency at lower cost, with customers receiving information through less intrusive channels and choosing how and when to communicate with the contact center.
Digital Collections Strategy
One of the primary goals of a collections department is to prevent overdue balances. Digital channels play a key role starting with pre-collections. Tools like WhatsApp, SMS, email blasters, and automated messages can notify customers of upcoming due dates at minimal cost.
If payment isn’t made, these same channels can be used bidirectionally, allowing customers to choose how they want to resolve their issue. As time progresses, a more aggressive digital strategy is deployed, powered by AI, which determines the best time and channel for contact. Voice calls—being more costly—are reserved for customers who haven’t responded to digital outreach.
True omnichannel collections means all inbound and outbound interactions are managed through a single unified console, maintaining a complete customer history throughout the process.
This strategy reduces operational costs by using the most efficient channel for each customer and stage, while improving satisfaction by offering less intrusive, more convenient options.
Security in Collections Management
Digital transformation in financial services boosts productivity, business opportunities, cost savings, workplace culture, and customer experience. However, security remains a major challenge.
Even though customers are increasingly comfortable with online purchases and banking apps, fraud prevention and cybersecurity are critical for digital collections services.
To mitigate risks, contact centers must hold world-class certifications that ensure data, systems, and transactions are secure. The two most important are:
PCI-DSS Level 1
ISO 27001
Achieving these certifications requires significant investment in technology to ensure:
Background checks for agents handling sensitive data
Physical security (CCTV, clean desk policies, access control)
Tech platforms where only bots request sensitive information
AI that monitors conversations to detect unauthorized data requests
Command centers that track call durations and script adherence
Certified database management under ISO 27001 standards
PCI-DSS Level 1 certified IVR payment systems
Integrated risk management systems to prevent cyberattacks
AI-Powered Collections Automation
Collections models now include tools that reduce the need for voice calls, such as virtual assistants and bots. These technologies interact with customers, providing updates on account status, payment options, and more.
Implementing AI and machine learning automates tasks that would otherwise be manual, reducing costs and improving operational speed—ultimately enhancing the customer experience.
Contact centers play a central role in collections operations, becoming strategic data hubs through AI and analytics that help organizations make better decisions in credit origination and recovery.
Analytics in the Collections Process
Customer interactions generate valuable data that can drive collections success. Given the high volume of interactions, it’s impossible to manually analyze each one—making analytics tools essential for identifying trends, optimizing strategies, and improving outcomes.
Speech & Text Analytics allows you to categorize and analyze up to 100% of conversations or data interactions to identify—through the direct voice of the customer—the reasons for non-payment, best practices in collections, service quality, and actionable insights to define strategies for credit, pre-collections, and early or late-stage recovery.
The future of credit and collections lies in data management. Handling both internal and external data enables better product development, improved customer service, and enhanced self-management of financial products.
New generations prefer non-face-to-face communication channels that are still personalized. They seek digital experiences that are easy to navigate, which means institutions must evolve and adjust their current contact or interaction processes. While traditional face-to-face methods were effective in the past and still hold some value today, they are expected to become increasingly obsolete over time.