[EDITOR’S NOTE: The following content was provided by Prodigal]
The collections landscape has changed during the recent economic downturn. With labor getting expensive and digital channels becoming mainstream, being data-driven isn’t just advantageous – it’s essential. It’s no secret that maintaining robust data hygiene has always been on our agenda, though it often took a backseat to other priorities.
There are a lot of things to track, and it might be overwhelming if you’re just starting. Don’t worry – we’re here to simplify it for you. In this blog, we’ll focus on key data points that can significantly refine your strategies, helping you collect more with less expenses.
Starting with the Basics: Account-Level Information
- Age of account
- Type of debt
- Demographic data of the borrower
- Credit utilization, income, and previous payment history
- Channel-wise number of attempts made
Data sources: CRM, dialer, credit bureau data, email/SMS platform
The above are fundamentals, but the nuances are important. For instance, you may be tracking calls but not text messages, or you might have outdated borrower information.
With the above only, you can create simple strategies for prioritizing and segmenting your portfolio and allocating resources more efficiently.
Tracking Behavior: Engagement Data
Predicting borrower behavior is key to enhancing payment rates. To do this effectively, start by monitoring how borrowers interact with your outreach efforts.
- Date and time of attempts made or timing of your campaign steps
- Call connects, RPCs, and voicemails
- Inbound calls
- Email opens and clicks, scroll behavior, and time spent reading
- SMS clicks
- Payment portal logins and activities within the portal
Data sources: Dialer, email/SMS platform, payment portal
These insights can help you fine-tune communication tactics, personalize outreach, and identify when to reduce efforts with unengaged consumers.
The Game-Changer: Unstructured Interaction Data
Borrowers’ financial situations can change rapidly, often before these shifts are reflected in traditional data sources like credit reports or payment histories.
To get ahead, delve into the rich, albeit complex, world of interaction data, such as call transcripts. Analyzing this unstructured data can reveal:
- Income changes
- Life events
- Hardship information
- Borrower sentiment
Leveraging this type of data can differentiate your strategies from the competition and enhance the precision of your predictive models, leading to better segmentation, prioritization, and engagement approaches.
Get Started Today
We understand the challenges you might be facing – managing numerous data points scattered across different platforms, each requiring meticulous cleaning, labeling, and integration into a central analysis hub, can seem like a daunting task.
By the way, here at Prodigal, we excel in sourcing insights from complex unstructured data.
Our purpose-built models are designed to streamline this process, offering you direct insights such as intent-to-pay scores, optimal communication channels, messages, frequency, and offers, all tailored to boost your revenue effortlessly.
Want to talk about best practices? Schedule a no-commitment call with team Prodigal
