The hiring of 75 more enforcement personnel at the CFPB means the likelihood of a strict CFPB audit on your collections journey has increased dramatically, and by 50% to be exact.
In competitive spaces like telecommunications and banking, customer service has risen to the top of priorities. Retaining customers is no longer a test of brand loyalty. It has been softened by a rise in competition and modernized services. Customers now have greater freedom to choose a service provider based on the quality of their experience.
Customer volume in collections is growing at an alarming rate. Whether it’s from credit plans or the increasing pressure from the rising cost of living, these are more people facing financial difficulties that need support.
An empathetic and humanized approach to collections has become a main priority in the modern collections space. But you also need to balance the efficiency and effectiveness of your strategy in order to provide the support that customers need. The good part is that they are not mutually exclusive.
With any industry that provides customer service, brand loyalty is vital in ensuring their procurement and retention. For collections, brand loyalty has gradually become a focus with an industry-wide shift towards customer centric and humanized experiences.
The key to providing your customers with the best care is to use data-driven analytics to assign the right agency for them.
If every single customer is unique, why do so many agencies still try to collect debt in the same way for all?
Customer relationships have not always been a primary focus in the collections industry. But this has changed in recent years with a significant shift towards customer centricity and humanized processes.
Historically, customer care has taken a backseat to other goals within the collections business. But recently, the positive relationship between humanized collections and better performance has become evident.
Improved collection experiences directly lead to an increased likelihood of resolved debt. Not only are your customers more likely to engage with you again after they become current, but you’ll be better informed to develop personalized solutions through the increase of available data.
A one-size-fits-all approach to customer engagement is futile. Instead, you need to build an understanding of customer behavior to be able to guide individual accounts to financial health
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