The benefit-focused outcomes outlined by the UK’s Consumer Duty sets a precedent for financial firms to provide a consistent and high-quality level of customer service.
In this article, we dive into the impact each Consumer Duty requirement has on collections and recovery, and pose solutions to make the standards beneficial to both consumers and businesses alike.
Consumer Duty is a continuation of the FCA’s Treating Customers Fairly (TCF) mandate that protects customers from unfair treatment.
Behavioral segmentation is a technology that shines a light on the characteristics that lead to customer delinquency.
Technology and segmentation play major roles in helping collections teams enrich contact strategies through the use of Machine learning and AI.
Buy Now, Pay Later (BNPL) is a rapidly growing payment format that has become seamlessly integrated into a range of services, products and facilities. Its ease of access has made it a popular choice of payment, which has meant an increasing volume of customers entering the collections process as a result.
Performance indicators are vital in providing perspective on the current state of business operations and offer valuable insight for future strategies.
Collections and recovery teams can now be at the forefront of improving brand reputation in an organization.
With a debt tsunami again looming large, organizations must use their pandemic learnings to make collections processes customer centric.
Find out how financial services institutions can start using the collections process as a method of boosting customer loyalty.
For collections teams to implement customer centric processes properly, they need to be both intuitive and effective.
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