Identifying vulnerable customers involves more than simply looking at financial data. This is because vulnerability can be financial, emotional, or technological, and you need to understand each to identify and tailor collections strategies that result in financial stability.
To do this at a scalable level, you need a configurable platform capable of adapting strategies for each customer to receive the support they truly need. In this article we examine the ways in which you can distinguish different vulnerabilities in customers with the help of configurability.
Identify the type of vulnerability your customer is facing
The first step in providing effective support to vulnerable customers is understanding the nature of their vulnerability. To do so, you need a stable foundation of engagement. Prioritizing customer-centricity and contacting customers on their preferred (or only) channel of communication will greatly enhance the likelihood of them responding to your team. From there, you can take the next steps to respond and support these customers appropriately.
Harness data to build collections strategies that support these customers
Data-driven strategies play a crucial role in supporting vulnerable customers. By leveraging advanced analytics and analyzing customer data, you can identify early signs of financial distress and know the right time to reach out. From there, you can create a personalized collections strategy that adjusts repayment schedules, offers financial advice, and/or connects customers with support services.
And use a configurable platform to introduce collections strategies at scale
Configurable platforms integrate with the necessary systems to identify, support and guide vulnerable customers through the collections process to resolution. Moreover, they achieve this without adding unnecessary workloads for your team thanks to AI-powered tools and automation.
Omnichannel capabilities
Configurable platforms store your customer’s contact preferences and integrate with your preferred omnichannel system. This accommodates their preference of contact and bolsters engagement to help identify their vulnerability.
Machine learning and analytics
Machine learning and analytical models compare your customer data to historical examples. This can help you identify vulnerable customers that are showing similar behaviors to those in the past. From there, you can develop strategies that are relevant to their specific vulnerability.
AI and segmentation
With the integration of AI tools, configurable platforms can segment vulnerable customers into different groups depending on their characteristics. Examples include customers who are financially vulnerable being in a separate group to those who are emotionally vulnerable. This is all automated, leaving your team with more time to assign treatment paths to these groups and support them directly.
Support your vulnerable customers to financial stability with C&R Software
No one customer is the same as the next, which directly applies to vulnerable customers. As a financial firm, you need to be able to identify these customers and provide the support needed to reach a resolution.
C&R Software’s Debt Manager and its seamless integrations mean that you can quickly adapt and support the needs of customers. This agility is critical in responding to the complexities of financial vulnerabilities. Debt Manager’s ability to automate decisions at scale ensures that customers are engaged with personalized, data-driven strategies that result in enhanced collections performance.
To find out more about Debt Manager and how it can help you manage and clear vulnerable customers, contact a member of our team today.
