The 6 Critical Benefits of Client Portals in The Collections Industry
In Collections, the goal of a client portal is to make a client’s life easier. It offers a single and easily accessible point of contact that keeps clients informed and in control.
The days have now gone where every aspect of account reporting was discussed between a DCA and client over several hours and even day-long meetings. And although the pandemic sped up digital adoption across the planet, here at a pre-pandemic CRS, robust and flexible digital portals had already become one of our leading service offers with all our clients.
So, what is a client portal in Collections? In plain English, client portals are a centralised gateway between a DCA and a creditor. They help a user to find accurate information quickly. It offers them the opportunity to stay up to date and informed with the click of a few buttons on a screen (but of course you’ve got to remember your password).
Digital portals offer clients a multitude of benefits and capitalising on the feedback from our client base we’ve listed their favourite six of this secure pathway into account management.
Here’s their list:
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 access 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 with them only needing tan internet connection, 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, whenever and on whatever device is convenient.
When working in collections many businesses have developed controls and processes unique to their business sector and marketplace, often collections teams will be concerned that processes they’ve 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 also helps 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.
Client portals offer DCAs an incredible opportunity to work in collaboration with their clients. Bespoke portals can be tailored to offer personalised and/or specific account dashboard feedback, this is important because our experience tells us no two clients are the same.
Better synergy is created by the portal offering a central point for the latest updated information. Unlike email, it creates a vast reduction in incorrect or outdated documentation sharing.
As the portal is accessible anywhere it can improve responsiveness for all stakeholders. Our data tells us better collaboration can happen when people can operate when and where it’s most convenient for them. The Pandemic drove remote working, and this has meant the sands are shifting with the traditional 9-5 model of working, with accessible digital portals that isn’t a problem.
There can be some onboarding or set-up costs to be considered when developing a bespoke client portal, but these need to be weighed up against the cost savings that can be enjoyed.
Consider the time saved not having to travel to, wait for and then hold a meeting to access information that can be brought to you by tapping a screen.
Client portals allow much of the data and its management to be streamlined to leave the client with just the information they need and eliminate any wastage. The technology increases productivity, by saving on manpower and time.
6. It helps build confidence
When control and transparency are in place, trust is built and ultimately results in a strong level of confidence.
This all comes when the client can review performance outcomes in real-time, audit from a distance and answer queries on accounts from agents at speed.
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.