4 crucial benefits of client portals for debt collection agencies
If ‘the eyes are the gateway to the soul’ then client portals must be the gateway to the future of real-time feedback for collections managers working with debt collection agencies (DCAs).
Forgive our romantic licence above but we thought we’d try to add a little bit of soul to this blog; Client Portals, as a part of our ‘Technology in Collections’ series. Although we’ve probably failed to become the next Shakespeare or J. K. Rowling, we understand that robust and flexible digital portals are a must-have in the armoury of any collections team.
In plain English, client portals are a centralised gateway between a DCA and creditor, helping the user to find accurate information quickly. It offers them the opportunity to stay up to date and informed by clicking a few buttons on any chosen device.
Client portals offer the user a multitude of benefits, and capitalising on the feedback from our client base we’ve listed their top 4 benefits of this secure pathway into account management.
1. It’s self-service
When you need to obtain crucial information nothing is more frustrating than waiting for people to get back to you.
Client portals are self-serviced pathways to important information, empowering the end-user and adapting to their time frames.
Equally, you can decide what information you want to review and disseminate without the need to be directed.
2. It works to your schedule
One of the most relevant changes that has been ushered in with the introduction of the digital age has been the ability to access information 24 hours a day 7 days a week.
Digital accessibility has benefitted clients incredibly due to them only needing to be connected to the internet, meaning they can be almost anywhere in the world and still be up to date.
So, whether the client is working remotely whilst travelling, from home, a hotel, a coffee shop or even on holiday; clients can now access their accounts wherever and whenever is convenient.
3. It offers control
When working in collections many businesses have developed their controls and processes unique to their business sector and marketplace, often collections teams will be concerned that processes that they have built over time will not be included in the feedback loop when outsourcing debt.
Understanding these concerns is integral to successful client portals and making sure flexible technology is implemented so specific client needs are executed will help extinguish concern around processing and expected feedback.
24/7 accessibility will also help maintain control by offering a good level of transparency when reviewing work carried out by the DCA. Account level reporting is crucial for this purpose.
4. It helps build trust
When control and transparency mechanisms are in place, confidence is built and ultimately results in a strong level of trust.
This all comes when the client can review performance outcomes in real-time, audit from a distance and answer queries on accounts from agents.
The CRS Way:
Our client portal, our ‘MI Site’ is one of the jewels in our digital crown. Our clients rate this tool as our second most valued service behind collections performance and as such we have a dedicated team of software and program developers looking to constantly improve, tweak and grow this digital platform.
Feedback from our clients suggests that our Mi Site portal is the best in the business allowing account level information, full visibility and performance reports 24/7.