Customer centricity means putting the customer's needs first. It's an essential strategy for financial firms looking to build brand loyalty over the long term.
We take a closer look at the principles and techniques behind a customer-centric approach in a podcast conversation between Christina Fisher (Manager, Growth Marketing) of C&R Software and Robert Fagan (VP, Collections & Customer Service) of Eastern Funding.
A journey from customer service to collections
In financial services, especially those focused on lending to small and medium-sized businesses, the lines between different roles and departments often blur. Take, for example, the intersection of collections and customer service. While each area has distinct responsibilities, their integration can be a powerful tool for sustaining relationships and building loyalty.
This dynamic is evident when handling two very different scenarios. Customer service might involve everyday issues like invoice queries, whereas collections deals with more sensitive matters such as missed payments. By maintaining visibility across these touchpoints, you can ensure a seamless transition for the customer across various stages of the financial process.
Strategies for leading with customer care
Creating a team culture focused on customer care starts from the initial onboarding and continues throughout the professional journey. You should emphasize a dual objective with your team - successfully managing the task of collections while preserving a positive customer experience.
Achieving this balance requires an important recognition - not everyone is suited to work in collections. This role demands resilience and flexibility in the face of unique customer situations. Team members must remain mindful of the broader goal of cultivating long-term relationships, even in challenging conversations.
The role of technology in enhancing customer relationships
Technology significantly shapes customer engagement strategies in financial services. From automated payment portals to text communication through integrated apps, advancements help streamline interactions, making them more efficient and responsive to customer needs.
Payment portals are a key example. They provide customers with easy access to invoices and online payment options. In addition, organizations are increasingly adopting AI to analyze and improve both credit and collections processes. This technology can offer insights into customer behavior and help predict risks, giving your team the ability to proactively tailor their approach to individual clients.
Learning from industry peers
To stay competitive and innovative, you should frequently engage in industry conferences and peer discussions. Such events provide valuable insights into new trends like AI in collections or innovative digital communication strategies. By exchanging ideas with industry peers, you can continuously refine your approach to customer interactions, drawing on the shared experiences of others who face similar challenges.
Strengthen your brand loyalty with C&R Software
The integration of customer service and collections, coupled with a customer-centric strategy, plays a pivotal role in building brand loyalty in financial services. By emphasizing long-term relationships, training teams with care, and leveraging technology, you can create an environment where customers feel valued and supported at every stage of their journey.
Encourage repeat business and strengthen your reputation in the market through a customer-centric approach. Not only does this approach foster a culture of trust and loyalty, but it also improves overall collections outcomes. And with C&R Software’s industry leading Debt Manager platform, your team is equipped to support your customers at every stage of the collections process.
To find out more details about the conversation between Christina and Robert, watch the podcast here. To discover how Debt Manager can enhance your processes and customer engagement, visit C&R Software’s website or contact our experts today.
