The modern debt collection and recovery industry is no different than many other consumer facing industries when it comes to the importance of the customer experience. It’s been proven that debt recovery operations are more effective when the consumer’s journey is at the center of their attention, especially in light of legislative changes strengthening their rights around how they’re contacted.
To improve their consumer engagement strategy, a collection and recovery department must provide a more personalized experience. With a much broader range of communication channels available, there are numerous ways one consumer journey can differ from another. Accommodating and reacting to consumer preference during the debt recovery process can bring a host of benefits to businesses and consumers alike.
Why is personalized consumer engagement important?
Consumer engagement directly refers to how a consumer engages with a business and vice versa. It’s the processes and methods of communication in place while a customer is paying off their outstanding debt. Before an influx of new technology, the word ‘personalization’ would have likely been understood as a customer’s name on a form. Now, customers have multiple channels and platforms they use to interact with different businesses, and personalization refers to accommodating the specific preferences of each individual consumer.
Personalizing the consumer’s experience through the debt recovery process can produce a variety of benefits for both businesses and consumers:
- Producing a more robust line of communication.
- Reducing the risk of errors in the recovery process.
- Ensuring a positive experience more likely to lead to a cooperative future relationship.
- Proven improvement to debt recovery performance and effectiveness.
How to personalize consumer engagement
Communication
Forcing consumers to use a communication channel they aren’t used to or simply don’t like makes them less likely to positively interact with you as a business. Supporting a consumer’s preferred channel of communication is a way to personalize their engagement and provides a positive experience. It also forms a reliable channel of communication for the business and helps improve debt recovery performance.
Another factor that comes into communication is omnichannel support; this involves the support of all forms of communication simultaneously for consumers who wish to use multiple channels for different situations. This leads to an additional layer of personalized engagement for consumers in the debt recovery process.
Collecting and actioning data
A vital aspect of understanding each consumer is collecting the relevant information required to create their ideal experience. Businesses can build on their established communication with consumers by collecting relevant information such as preferences, debt history and circumstantial data. This information can then be used to lay the foundations of their debt recovery experience, one that is unique to them.
Platform
The key to any personalized engagement is a digital platform that holds the consumer journey as the highest priority. In the context of debt recovery, this platform should provide the consumer and business with all the relevant information required to simplify and optimize the process. Using a simple and effective platform can help reduce the cost of communications, build consumer loyalty through a platform that supports their preferences, and increase brand reputation by supporting consumers.
Personalizing your consumer journey at C&R Software
The benefits of personalized consumer engagement is shown by improved debt recovery performance and stronger consumer relationships. Implementing the steps to personalize the consumer experience can be challenging, which is where C&R Software comes in.
Our Debt Manager platform is designed to make the process of debt recovery simpler, more effective and more personalized to the individual consumer. An optimized system results in a more streamlined process for agents and consumers alike.
Is it time to personalize your consumer experience? Contact us today to learn how we can help you build a more tailored experience for your customers’ individual needs.
