EDF Energy needed a solution to increase early stage collection returns and improve the customer experience.
TALKINGTECH improved on the control group collection results and all collection KPI’s: 67% more cash collected within 4 days.
EDF Energy is one of the UK’s largest energy companies, generating around one fifth of the UK’s electricity. The utility company supplies electricity and gas to around 5.5 million residential and business customers.
The need to empower customers
As a regulated energy provider in the UK, EDF Energy are committed to the fair treatment of their customers. Early engagement with convenient payment services is a key goal to ensure customers avoid the further consequences of an outstanding balance.
In order to achieve this EDF Energy needed a solution that could interact earlier with their customers whilst minimising in-house resources.
Energising their engagement
TALKINGTECH leveraged its 26+ years in Automated Communications and Payments to provide a two stage reminder service for customers entering early stage collections. Targeted customers receive a friendly reminder before their account becomes overdue, offering payment by credit or debit card. For customers whose account subsequently falls overdue, further reminders are scheduled to encourage the debt to be resolved prior to more formal contact.
Contact is via Interactive Voice Messaging supported by SMS and a self-service payment line. Customers are able to speak to a debt specialist advisor during contact centre hours to deal with more complex debt issues and to care for vulnerable customers.
The positive charge of TALKINGTECH's solutions
TALKINGTECH employed a consultative approach with EDF Energy. Strategies were devised and rigorously tested against control groups to verify the anticipated benefits.
3,000 customer records were tested over a 25 day period and compared against a control group of 3,000 customer records who had letters only posted to them.
Improved customer experience – 76% of survey customers agree
Cash collected earlier – 67% more overdue payments received within 4 days of activity compared to control
Overall reduction in early stage debt – 5% more customers removed from debt after 25 days compared to control
Friendly reminders improved pre collections - 246% improvement compared to control
Viewed by Ofgem and Consumer groups as a positive and proactive means of follow up
Reduced op-ex through reduced live agent outbound dialling and posted letters
"TALKINGTECH enhances our debt collection strategy by allowing us to pro-actively contact our customers earlier, offering them a convenient payment service that yields results and improves customer satisfaction.”Phil Thornton, EDF Energy, UK
Want to learn more about collections technology and how we can help your business increase debt collections? Contact us today.