The rapid growth of motor finance lending, underpinned by personal contract purchase (PCP) has lead to a corresponding growth of customers in arrears and an increased workload for collections departments. Our debt management solutions are specifically designed to help motor finance businesses maximise the amount of debt collected while reducing costs and serving customers quickly and efficiently.
Customers can engage and resolve their debt episode using their preferred device at a time and place of their choosing. They can be given the option to pay in full, make an arrangement based on income and expenditure or create a promise to pay, where appropriate.
In addition, our Cognition machine learning module can pinpoint the optimal treatment for each customer based on their propensity to pay, making it quick and easy for the customer, and reducing unnecessary contact centre involvement and the associated costs.
What are the benefits to you?
- Meet customers demand for digital communication and protect your organisation’s reputation.
Provide the most convenient and low-stress way for customers to resolve their arrears using the channels they prefer. By optimising a digital-first approach, contact centres are freed up to deal with customers who need their input most including those in difficult or vulnerable circumstances, making it easier to satisfy or exceed regulations.
- Provide a seamless digital journey that uses machine learning to get it right for every customer.
An accessible and easy-to-use system that reduces drop out and maximises the early resolution of debt without agent intervention. Machine learning makes sure each customer is directed to the most appropriate next step at each stage. Sentiment indicators help agents to monitor cases that may need extra support.
- Create a collaborative environment.
Boost early stage collections by allowing customers to quickly and sustainably resolve their debt episode while improving first-time resolution and reducing the likelihood of broken commitments. Offer an alternative to making a stressful phone call that allows customers to feel in control.
- Lower cost to collect.
The efficiency of our digital systems along with impressive customer take-up results in the motor finance sector means you will see a rapid return on investment. Maximise early collections by segmenting according to propensity to pay and avoid unnecessary costs. Improve contact centre cost-effectiveness by reducing call volumes.
Our modular and highly scalable systems are easily integrated into your existing infrastructure with minimal fuss and show results in a matter of weeks. At Flexys we know collections and we understand the motor finance sector and the importance of establishing a sustainable debt resolution for both the lender and the customer.
“Flexys’s genuine partnership approach is unique within the market and they have a creative and innovative way of thinking. They are always guiding us towards what else technology can do to make our business better”
Mark Porter, Head of Collections, MotoNovo Finance