Self-service is becoming more and more prominent in modern collections as a way for customers to resolve their debt on their own terms. But can it truly replace the direct human-to-human contact that has been integral to collections for decades?
Customer volume in collections is growing at an alarming rate. Whether it’s from credit plans or the increasing pressure from the rising cost of living, these are more people facing financial difficulties that need support.
Megan discusses her extensive experience in the collections industry and explores her insights and strategies for effective and empathetic debt collection.
An empathetic and humanized approach to collections has become a main priority in the modern collections space. But you also need to balance the efficiency and effectiveness of your strategy in order to provide the support that customers need. The good part is that they are not mutually exclusive.
With any industry that provides customer service, brand loyalty is vital in ensuring their procurement and retention. For collections, brand loyalty has gradually become a focus with an industry-wide shift towards customer centric and humanized experiences.
Helen Leonard, Director of Accounts Receivable and Collections at ACCO Engineered Systems, speaks about her experience in the construction industry.
The key to providing your customers with the best care is to use data-driven analytics to assign the right agency for them.
If every single customer is unique, why do so many agencies still try to collect debt in the same way for all?
The first step in supporting a customer through collections is understanding their situation through decisioning. How many times have they missed a payment? Do they have a history of delinquency?
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.
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