2023 was a year of rising delinquencies and significant shifts in consumer preferences for digital contact. We're proud of our mission of helping credit unions provide empathetic digital communication to their past-due members, automate their outreach, remove the burden of manual tasks, and deliver the best past-due member experience with a self-service payment portal and payment arrangement options.
As more clients embrace our digital collection software, it's clear that the convenience, ease of use, and, most importantly, the success of our collections software align with the evolving needs of the industry. The fact that 100% of our clients increased the use of Lexop for their customers validates the need for our solution.
We're onto something big by revolutionizing the collections experience to make it empowering and positive. Join us in recapping some of our highlights this year:
73% of payments were paid between 0-2 days. More specifically, it took an average of 11.5 hours from message delivery to successful payment completion.
The best time and date to send collections campaigns were between 12 pm and 3pm on Tuesdays. Wednesday was the 2nd best day.
- With our self-service payment portal, members could self-cure their bills without agent intervention, reducing early-stage outbound calls to past-due accounts by 63%. In addition, Lexop helped clients achieve a 17% reduction in inbound calls.
As we're nearing the end of the year and gearing up for the holidays, there's a real worry about consumer debt going up with no end in sight. It's a crucial moment to check in on your collections partner, or internal processes, reassess your strategy, and get set for a successful year in 2024.
Let's ensure you're set for success in 2024. We look forward to discussing how we can support your goals.