The debt collection process is far from simple. There’s complexities to be found in handling different customers, their situations, and developing personalized treatment plans.
Carrie discusses the implications of consumer data, especially in the collections market, and emphasizes the need for data in the financial ecosystem.
Customer relationships have not always been a primary focus in the collections industry. But this has changed in recent years with a significant shift towards customer centricity and humanized processes.
Historically, customer care has taken a backseat to other goals within the collections business. But recently, the positive relationship between humanized collections and better performance has become evident.
In this episode, Joe Witkowski, team lead at debt collection agency American Profit Recovery, discusses the human side of debt recovery.
Customer Relationship Management (CRM) software has become a staple in recent decades for many industries. Banks, insurers and utilities companies have all adopted it to streamline their customer interactions.
There’s a growing number of people using credit and becoming delinquent. A report from the Federal Reserve Bank of New York states that American credit card debt is now over $1 trillion.
Customer communications are the bread and butter of the collections process. Building a reliable back-and-forth with your customers leads to mutually beneficial outcomes; you can improve collection performance and your customers can reach financial health.
Austin discusses his path to the collections industry, technology, relationship building, and his advice on leading teams.
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.
We’ll be adding thought-provoking content and insights on a regular basis. Let’s stay in touch!