Improve Collections
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Convince debtors to prioritize your payment over other creditors: |
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With several loans to pay, which loans are customers likely to pay first? Mindswift Collections Solutions elevates your company to the top of your customers’ priority list. |
A new collections strategy
The changing situation in today’s credit environment is challenging traditional collection strategies. With a new collections strategy that segments customers based on perceived value at risk to the consumer, the nature of delinquency and traditional probabilities of loss companies can develop positive value offers that can be negotiated in real-time.
Compete for your share of past due balances
Mindswift improves collections performance by approaching the collect of past due balances as a marketing challenge. The underlying premise is that your organization is competing for a share of remittances. The marketing objective is to convince the debtor to prioritize your payment over other creditors.
Segment the customers by value at risk, and negotiate offers real-time
Our approach to improving collections requires lenders to think in terms of new segmentations, new offer strategies, and smarter, faster test and learn capabilities. By defining segments based on total value at risk to the lender and consumer, determining the optimal offers for each segment and negotiating the offer in real-time allows collections operations to evolve and improve over time.
Learn from each opportunity and improve balances recovered
Our collections and recovery solutions guide and measure each component of a dialogue with a customer, allowing the institution to measure and learn from each interaction, locate opportunities for improvement and test different solutions until the optimal outcome is achieved. These best practices can be instituted in existing applications or rolled out using Mindswift on each desktop.
Apply science to customer interactions
For almost a decade, Novantas Solutions has been the pioneer in the application of science to customer interactions. Working with the world’s largest financial institutions, Novantas Solutions has developed the tools and techniques to improve the effectiveness of customer interactions. Our approach, coupled with our Mindswift platform, dramatically improves the results. Whether the objective is a new hire, the acquisition of a new customer, deepening an existing relationship, retaining more customers or collecting more dollars, we improve the profitability of each interaction.
