Consumers are increasingly preferring self-service channels. According to McKinsey, 73% of consumers in late delinquency made a payment when contacted through digital channels.

The traditional methods – voice and letters – were major drivers of cost and ate up all the profit margins. We understand that this is a significant pain point for many organizations. That’s why focusing on getting more revenue from digital channels is crucial to increasing your profitability and reducing operational burdens.

If you are looking to accelerate your revenue from digital channels, here’s how you can build a team to nail it.

Don’t worry if you haven’t started to text or email – we’ll start with the basics and then take it to the next level.

Operations expert – To execute your digital campaigns

Once you have decided to send emails and SMS, you need a person responsible for setting up the campaigns on your email and SMS platforms like SendGrid (for emails) or Solutions by Text (for SMS).

Responsibilities:

• Set up and manage campaigns on email and SMS platforms.
• Run A/B experiments to find the right time, message, offers, etc., for different consumer segments.
• Optimize and scale digital campaigns.

We know how overwhelming it can be to manage new platforms, especially when your team is already stretched thin. That’s why having a dedicated operations expert can make a huge difference, allowing your team to focus on their core strengths while ensuring your digital campaigns are executed flawlessly.

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Design and content expert – To design and write emails and SMS

If you’re just starting, you can use templates for the emails and SMS copies and hire a part-time freelancer to design the emails on your email platform.

Responsibilities:

• Customize email and SMS copies for different consumer segments.
• Design appealing emails using strategic colors and CTA button placements.
• Improve payment portal pages for better user engagement.

We understand that the idea of customizing content for various segments can be daunting, especially when you're already managing multiple tasks. However, personalized communication is key to driving engagement and improving collection rates. As your digital collections grow, you might find that relying on templates and part-time freelancers isn’t enough. To scale effectively, you’ll need full-time employees dedicated to creating high-quality, customized content and designs.

Responsibilities (for scaling):

• Continuously develop and update templates for different consumer segments.
• Create personalized email and SMS content tailored to the specific needs and behaviors of different segments.
• Implement design best practices to enhance engagement and drive action.
• Collaborate closely with the data science expert to align content strategies with consumer insights.

Data Analyst – To measure and report on performance

It’s common to be unsure if SMS and email channels are working effectively. This uncertainty can be frustrating and hinder decision-making. An analyst can solve this problem by providing clear insights and performance metrics.

Responsibilities:

• Set up tracking parameters.
• Create channel performance reports.
• Maintain interaction data in a structured way for later analysis.

Having a dedicated data analyst ensures you have the clarity and information needed to optimize your digital strategies and see real results.

Data Science Expert – For creating prioritization and segmentation strategies

To unlock the full potential of digital channels, you’ll need a data science expert who acts as the brain for your digital collections team.

Responsibilities:

• Build models for prioritizing the right accounts for digital outreach.
• Create segmentation strategies for personalized treatment strategies.
• Plan and execute tests and iterations to fine-tune performance models.

We know that finding the right balance between different channels and segments can be complex. A data science expert can bring a scientific approach to your strategy, ensuring that each decision is backed by data and aimed at maximizing your revenue. This expert has the potential to take your revenue collected digitally beyond 30% and boost your organization’s overall profitability.

What’s Next – Budget and where to find them

You can start looking for these personas on LinkedIn, ask colleagues from mature agencies for recommendations, and post on industry publications like AccountsRecovery and insideARM job boards.

Considerations:

• Finding the right people takes time.
• A significant budget is required to employ these experts.

We understand that assembling this team is an investment. It takes time and resources, but the payoff in terms of increased efficiency and revenue can be substantial.

Specialization matters more than tech stack in digital channels

Running digital collections is an ongoing process of monitoring, testing, and iterating. There is a steep learning curve, and it becomes tough to manage all in-house.

Digital channels are as different from voice channels as being an excellent quarterback is from a great baseball pitcher. Having a good aim helps, but it takes a lot more specialization.

If you are feeling overwhelmed, we are here to help – Prodigal can take care of your digital collections end-to-end. With our proprietary tech built on half a billion consumer finance interactions and a team of experts, you can increase payments collected digitally by 43%.

Even if you’re not ready yet but want to talk – schedule a consultation call (no sales).