The annual Credit Summit in London is always a great place to take the temperature of the industry and get a good sense of where things are heading on a local and global scale.
And with Covid restrictions eased, this year’s event was the first since 2019 where people from across the profession could get together in person. There was a lot to talk about!
After a busy few days of talks, workshops, and networking, we came away with these five key learnings:
1 The consumer squeeze is real
After Covid, the cost-of-living crisis is hitting consumers hard, and this is around the globe. Energy bills are skyrocketing. Fuel prices have gone through the roof. Inflation in the US is at 8.5%, the highest since 1981, and in the UK, inflation is at a 30-year high of 7%. It’s vital the industry is conscious of this when it comes to helping people on their journey to financial wellbeing.
2 Look after the customer – and the agent
While it’s important to take into account the mental health of the person at the end of the debt cycle, it’s crucial to understand that the people who are sensitively handling these cases on a daily basis are also under pressure. Agents who regularly deal with stressful situations need a modern user interface that’s intuitive, helpful, and easy to learn, which makes it easier to approach their work with a clear head.
3 Help agents focus on support for the vulnerable
If you look after the agent, they’re better positioned to look after their customers. Working in a configurable environment with more automation means colleagues who are dealing with vulnerable customers can be more productive and better focus their support. This allows them to do what they do best rather than be constrained by the rigid systems they’re operating within.
4 More regulations mean more challenges
Rules and regulations vary hugely from country to country – and from state to state in the US – meaning clients have any number of political, social, and economic factors to negotiate in order to comply with new and existing legislation.
5 Getting the customer journey right pays off for everyone
There are many elements in play during the customer’s journey to financial wellbeing and it’s important to recognize all the stakeholders involved: the vulnerable people, the agents working the hard cases, the organizations whose brands are being protected. And this is all done within a regulatory framework that requires multiple levels of compliance. Working with a modern, configurable collections system can take a lot of the pain away on that journey.
