Why utilities need to digitize their collections notices
- Jul 8, 2019 12:00 pm GMT
While paperless initiatives top the list of digital transformation goals for most utilities, many have yet to adopt this philosophy for collection notices.
Utilities are still sending out the same paper-based collection notices they have for decades, missing out on a simple change that could save costs, get payments faster and reduce the debtors' book.
Research by Mckinsey shows that people are 12% more likely to pay in early delinquency when sent digital collections notices, instead of paper notices, and 30% more likely to pay in the event of late delinquency.
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