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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.
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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.
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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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Hyper-personalization is becoming a popular term in the collections and recovery space. It represents an enhanced form of personalization that takes advantage of AI capabilities to provide a seamlessly data-driven and truly humanized collections journey.
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The UK’s Consumer Duty guidelines has established a standard of customer centricity for financial services. The goal of this humanized approach is more than just compliance, and more to build stronger relationships between businesses and their customers.
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The landscape of collections is evolving. Customers were, until quite recently, considered debtors and fell into one of two categories: can’t pay or won’t pay. The industry has come a long way, and now customer service has become a priority to provide a consistent and beneficial experience.
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Effective debt collection platforms require a range of features that seamlessly integrate with one another and offer complete configurability.
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The emphasis of self-service in collections and recovery is a product of the increasing importance of customer-centricity.
Self-service is becoming the new normal in recovery, and continuing to be without it will prove to be a disadvantage for your customers.
Conventional debt collection platforms provide collections teams with the basic tools to manage their primary needs - such as managing payments, remaining compliant and having a centralized data repository.
Both businesses and consumers alike have run into challenging financial landscapes in recent times.
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