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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.
The increasing number of buy-now-pay-later payment plans has resulted in growing accounts with distressed debt. Collections organizations are facing increasing strain from this growth, and require solutions that optimize the collections process while guiding customers through their individual circumstances.
Collections teams must contend with a varied and ever-growing set of compliance and risk factors. From the volume of customers to the amount of interest they can charge, to the security of the data they hold, organizations are tightly governed and the consequences of a breach can be severe.
Organizations across the world are recognizing the need to bolster their collections and recovery operations - with the post-pandemic environment presenting an increased level of risk and a need to scale to accommodate more customers.
To improve their consumer engagement strategy, a collection and recovery department must provide a more personalized experience.
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