Hyper-personalization is becoming a popular term in the collections and recovery space. It represents an enhanced form of personalization that takes advantage of AI capabilities to provide a seamlessly data-driven and truly humanized collections journey.
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.
Christina spoke with Carol Byrne, VP of Marketing at C&R Software, who talks about brand loyalty and employing a humanized approach in debt collection.
AI provides collections businesses with a range of tools and capabilities to both humanize the process for customers and enhance collection performance for credit issuers.
The UK’s Consumer Duty guidelines has established a standard of customer centricity for financial services. The goal of this humanized approach is more than just compliance, and more to build stronger relationships between businesses and their customers.
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
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.
C&R Software Joins Forces with StepChange: Paving the Way for Empowered Financial Wellbeing
Data management in traditional collections processes is time consuming. Teams need to procure information from different sources (specific departments, third parties, storage locations) and then perform manual analysis to inform their engagement with each customer.
Lisa Tanner shares some insights on her experience working in the collections industry and how the culture within the industry has shifted.
The landscape of collections is evolving. Customers were, until quite recently, considered debtors and fell into one of two categories: can’t pay or won’t pay. The industry has come a long way, and now customer service has become a priority to provide a consistent and beneficial experience.
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