Making sure your operations are compliant across regions, industries, and a growing customer base can be a challenge. With legacy software, achieving this with inflexible systems becomes an even bigger challenge.
Striking a balance between technology and customer relationships is the key to enhancing your collections performance. By doing so, you can have the information you need to build effective collections strategies while saving time for you and your team.
Regularly communicating with customers throughout their collections journey is key to guiding them back to financial good health, but must be done mindfully and without being seen as predatory.
Deciding to transition your entire collections software is a time consuming but necessary part of modernizing your strategy. Refusing to do so means you may end up losing your customers or risk legal repercussions through breaching data regulations.
Hyper-personalization harnesses the capabilities of AI, automation and analytics to build upon a stable level of engagement and take it to the next level. With it, you can provide a seamless end-to-end collections experience that not only clears accounts faster, but builds customer loyalty and retention.
Managing the steady increase of customer data and information is a significant hurdle in collections, but making sure said data is of high-quality is even more important.
Self-service is becoming more and more prominent in modern collections as a way for customers to resolve their debt on their own terms. But can it truly replace the direct human-to-human contact that has been integral to collections for decades?
The first step in supporting a customer through collections is understanding their situation through decisioning. How many times have they missed a payment? Do they have a history of delinquency?
The debt collection process is far from simple. There’s complexities to be found in handling different customers, their situations, and developing personalized treatment plans.
Customer Relationship Management (CRM) software has become a staple in recent decades for many industries. Banks, insurers and utilities companies have all adopted it to streamline their customer interactions.
There’s a growing number of people using credit and becoming delinquent. A report from the Federal Reserve Bank of New York states that American credit card debt is now over $1 trillion.
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