IPF Digital is a part of International Personal Finance Group, and they provide their services to customers who prefer taking out credit online and repaying remotely. When their Finnish brand Credit24 wanted to try out automated calls to enhance their payment collection, they decided to utilise On-Time Mobile Communication Platform.
Credit24 was curious if a robocaller would beat outbound human customer service in making payment reminder calls. The calls were targeted for customers who had missed their due date but were still in the early stages of the payment reminder process.
On-Time onboarded the organisation on using our platform and provided assistance in creating the process and designing call flows. A small sample group of customers was chosen to receive a robocall instead of a call from a human customer service specialist. The calls were made at a similar time than regular customer service calls.
The trial was a great success. The calculative return on investment ratio of our Mobile Communication Platform was over 21, and the savings on labour our robocaller provided for Credit24 were over 95 percent.
“On-Time Mobile Communication Platform exceeded our expectations completely. The positive customer experience was of course a significant thing, but what completely blew us away was the calculative return on investment ratio of over 21. On-Time has become a trusted partner in accounts receivable collection for us.”
– Joel Lepistö, Operations Manager, IPF Digital Finland
Although robocaller didn’t collect payments from individual customers as effectively as a human, its cost-effectiveness outperformed human callers in a big way. Most importantly, the end customers had a positive experience interacting with our robot, and Credit24 will continue using the services of On-Time for their collections.
“In addition to achieving a calculative return of investment ratio of over 20, we also learned a lot.
The collection efficiency of a robot is at least the same or even better than that of a human in the early stage of the payment reminder process. When the reminder process advances, a human is better to hold the more complex negotiations regarding for example the repayment schedule. Together, humans and robots are more than a sum of their parts.
To achieve a modern repayment process that is as efficient as possible and serves the customers in the best possible way, you need multiple different channels – both automated and human-operated.”
– Jon-Erik Talvio, Chief Growth Officer
Did you know that payment reminders and automated accounts receivable collection are the most popular ways to currently use robocalls, and we have a lot more experience and knowledge in the field? Please contact us to find out more!
In addition to outstanding return on investment ratio and customer satisfaction, the labour cost savings for Credit24 were over 95 percent.