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.
Making sure your operations are compliant across regions, industries, and a growing customer base can be a challenge. With legacy software, achieving this with inflexible systems becomes an even bigger challenge.
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.
Customer data is king when it comes to your customer journey through collections. It helps you paint a clear picture of the past, present and future of their finances to support your strategies. And by harnessing it properly, you can shape their future to be one of financial stability.
Regularly communicating with customers throughout their collections journey is key to guiding them back to financial good health, but must be done mindfully and without being seen as predatory.
General Data Protection Regulation (GDPR) covers the key principles of customer data privacy and protections. These rules apply across industries and regions, with the unified goal of giving customers more control over their personal data in a digital world.
Compliance in collections is about more than making sure you’re following the rules. It’s about protecting customers and following the right processes and procedures to help them reach financial stability.
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