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Payment Reminders

IPF Digital: Outstanding ROI achieved with automated payment reminders

IPF Digital achieved outstanding ROI with Ontime's multi-channel mobile friendly automated payment reminders calls.

On-time

May 16, 2022

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Key Takeaways

  • Labour saving of 95,33% per month
  • Calculative ROI ratio of over 21 achieved considering HR, labour and all channel costs

Company

IPF Digital is part of International Personal Finance Group. They are an online credit lending company which operates in multiple markets across Europe, Australia and Mexico. Their Finnish brand Credit24 wanted to try out automated calls to enhance their payment collection and they decided to utilise Rollector.ai for it.

Challenge

Credit24 was curious if an automated 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.

Solution

Ontime onboarded the organisation on using our mobile communication platform and assisted them to optimise the current collection process with automated reminder calls. We designed the call flows and message recordings according to the target group. Then a small sample group of customers was chosen to receive the automated voice call instead of an outbound human call from a customer service agent. The calls were made at a similar time as regular customer service calls.

“Ontime's platform exceeded our expectations completely. The positive customer experience was of course a significant aspect, but what completely blew us away was the calculative return on investment ratio of over 21. Rollector.ai has become a trusted partner in accounts receivable collection for us.”

- Joel Lepistö, Chief Operations Officer, IPF Digital Finland

With AI-powered automation it is also possible to strategize the payments collection based on different customer segments and their response trends.

For IPF the cost-effectiveness, in particular, outperformed human callers in a big way. Most importantly, the end customers had a positive experience interacting with the robots, as it is non-intrusive and doesn’t involve the negative feelings which arise from regular human touch basing.

Results

The trial was a great success. The calculative return on investment ratio of our mobile communication platform was over 21 considering HR, labor or other channel costs.

In addition to the outstanding return on investment ratio and customer satisfaction, the labor cost savings for Credit24 were over 95 percent.

 

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Did you know that automated payment reminders are currently the most popular way to initiate automation for your accounts receivable collection process.

Are you interested to know what results you can achieve with automated multi-channel solutions for payment reminding?

 

Book a free 15-minute remote presentation

Connect with our experts to find out more about the benefits of automated payment reminders for accounts receivable collections.

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