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.
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.
Collecting Thoughts host Christina speaks with Gene Clark on how he’s felt “destined” to end up in the collections industry and the lessons he learned.
Host Christina spoke with Dr. Maria Douneva about how psychology affects consumer behavior.
Consumer Duty is a continuation of the FCA’s Treating Customers Fairly (TCF) mandate that protects customers from unfair treatment.
We’ll be adding thought-provoking content and insights on a regular basis. Let’s stay in touch!