As a financier in Sri Lanka, you’ve provided a smartphone loan and are expecting timely repayments. But when the due date arrives, the borrower ghosts you. Sound familiar?
You’re not alone in this. With over 80% smartphone penetration and a rapidly growing digital economy, Sri Lanka’s consumer financing market is expanding fast. However, high default rates and unresponsive borrowers continue to be major pain points for lenders.
Datacultr is taking a step ahead with its Device Financing Solutions, ensuring not just higher on-time payments and debt collections but also 100% communication reach. Let’s deep dive to understand effective communication strategies that are helping lenders to improve collection efficiency and financing outcomes across the world.
Why Traditional Call Methods Are Failing?
Think about the last time when you ignored an unknown number or deleted an email without opening it. Your customers do the same, and the stats prove it:
- Email open rates are as low as 34.79%, with an even lower response rate.
- SMS campaigns achieve only a 19-36% click-through rate
- Phone calls often go unanswered, with an average success rate of just 22%.
To add to it, about 70% of customers change their mobile numbers after purchasing the device, making contact nearly impossible for lenders.
Relying on outdated communication methods leads to payment delays, higher defaults, and rising operational costs. But what if there was a way to guarantee 100% contact-ability, no matter what?
Transforming Customer Engagement With Smartphone Financing Solutions
Datacultr is changing the game with its smart Device Financing Solutions, which ensures you are in touch with your customers always with a 100% communication reach.
DigiCall - No Number, No Problem
Forget chasing outdated phone numbers! DigiCall reaches the borrower’s device directly, even when the device is offline. Think of reaching borrowers without worrying about phone number changes, sounds like magic, right?
Offline reach- DigiCall reaches straight to the device instead of calling the mobile Number.
Guaranteed Delivery- Unlike traditional calls, DigiCall cannot be ignored or blocked.
Pre-Due Payment Nudges and Notifications
- Increase on-time payments by up to 30%.
- Eliminate manual follow-ups, reducing operational costs by up to 70%.
- Enhance borrower awareness with multiple pre-due engagement touchpoints.
Smart Payment Reminders – The Right Message, Every Time
With automated and personalized payment reminders, Datacultr significantly improves repayment rates. Reminders are customized based on their preferences, ensuring that each borrower receives the right message at the right time.
- Higher repayment success rates, reducing bad debt accumulation.
- Seamless integration with lenders’ existing collection strategies.
Stay Connected Always: MOD & LOD for Uninterrupted Borrower Reach
One of the biggest challenges in smartphone financing is maintaining consistent borrower contact. With 70% of customers changing their mobile numbers after purchasing a device, lenders struggle to reach them when payments are due. Datacultr’s Mobile Number On Demand (MOD) and Location On Demand (LOD) directly address this issue, ensuring 100% contact-ability.
MOD retrieves the borrower’s most recently active mobile number, eliminating reliance on outdated or inactive contact details.
LOD provides real-time location insights, ensuring lenders can maintain contact even if borrowers relocate or switch SIM cards.
Final Thoughts
With Sri Lanka’s financial sector evolving, traditional debt collection methods are becoming obsolete. Banks and NBFCs must adapt to new, technology-driven strategies to enhance customer engagement and minimize defaults.
Datacultr’s Device Financing Solutions or Smartphone Financing Solutions provide an effective way to communicate, improve collection rates, and streamline consumer financing operations.
By using different tools like Device Lock, DigiCall, and automated reminders, lenders in Sri Lanka can redefine their debt collection while offering a smooth financing experience to their customers.
Ready to revolutionize your collections strategy? Experience the future with our cutting-edge platform!
✅Unlock Efficiency
✅Boost Recovery Rates
✅Simplify Your Collections Workflow with Our Innovative Solution.
👉🏻Book Your Personalized Demo Today! Don’t miss out on the opportunity to transform your collections process.