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Learn what GLBA compliance means for collections teams, including customer data, safeguards, vendor oversight, audit records, and legacy systems.
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The hiring of 75 more enforcement personnel at the CFPB means the likelihood of a strict CFPB audit on your collections journey has increased dramatically, and by 50% to be exact.
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In competitive spaces like telecommunications and banking, customer service has risen to the top of priorities. Retaining customers is no longer a test of brand loyalty. It has been softened by a rise in competition and modernized services. Customers now have greater freedom to choose a service provider based on the quality of their experience.
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Hyper-personalization harnesses the capabilities of AI, automation and analytics to build upon a stable level of engagement and take it to the next level. With it, you can provide a seamless end-to-end collections experience that not only clears accounts faster, but builds customer loyalty and retention.
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Analytics are vital in collections to create strategies for each of your customers that result in resolved debt. But in order to have reliable analytics of your customers, you first need reliable data to base it on.
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In collections, data and analytics are vital components to helping customers reach financial stability on a personalized level. Data represents the ingredients to a successful collections strategy, whereas algorithms and analytics are the recipe that helps you better understand the solutions individual customers need.
Debt Manager showcases fully configurable data flows so that you have total control over what goes in and out of your systems. Once configured, automation takes over to save you time, money and valuable customer face time.
C&R Software, confirms its dedication to data security with the ISO 27001:2022 certification for Information Security Management System (ISMS).
Managing the steady increase of customer data and information is a significant hurdle in collections, but making sure said data is of high-quality is even more important.
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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.
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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.
We’ll be adding thought-provoking content and insights on a regular basis. Let’s stay in touch!