Detecting vulnerable customers early is not only key to avoiding payments being missed, but to support your customers around the challenges they’re facing.
You need to understand and identify your vulnerable customers so that you can tailor collections strategies that result in financial stability.
Sludge practices are an outdated collections tactic that can end up damaging your customer relationships and brand loyalty. But filtering out these tactics can be a challenge, especially if you’re using legacy systems.
Building relationships with your customers is a long-term commitment. You need to be positive and supportive from beginning to end of their collections journey, with no inconsistencies.
In today's fast-paced digital world, customer expectations are growing at a rapid rate. Among these expectations, multi-channel support stands out as a critical component of any modern customer service.
Balancing technology and human interaction in collections is not just beneficial; it's essential. You need to be able to provide your customers with support in a time-efficient and scalable manner to truly help them reach a resolution.
In the realm of collections, introducing empathy has become a key KPI for modern collections teams. It's precisely what can redefine the collections journey, transforming it from a potential point of difficulty into a pathway toward stronger customer loyalty.
As the modernization of the collections journey steadily grows, so does the vast amount of data firms have surrounding their customers. Understandably, many of these customers would prefer to have access to said data, or at least know what it’s being used for. This is the area that the CFPB’s section 1033 focuses on, potentially requiring you to give customers access to their financial information.
The Gramm-Leach-Bliley Act sets out clear requirements for the privacy, security, and management of customer data. To keep up with these requirements, you need a modern collections platform. This is because legacy software struggles to keep up with the modern world of data security.
Transparency is a core pillar of customer-centricity when it comes to the collections journey. By providing easy access and visibility of data and processes, your customers are far more likely to engage with you and your strategies.
Striking a balance between technology and customer relationships is the key to enhancing your collections performance. By doing so, you can have the information you need to build effective collections strategies while saving time for you and your team.
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