The landscape of collections is evolving. Customers were, until quite recently, considered debtors and fell into one of two categories: can’t pay or won’t pay. The industry has come a long way, and now customer service has become a priority to provide a consistent and beneficial experience.
In this article, we dive into the impact each Consumer Duty requirement has on collections and recovery, and pose solutions to make the standards beneficial to both consumers and businesses alike.
Consumer Duty is a continuation of the FCA’s Treating Customers Fairly (TCF) mandate that protects customers from unfair treatment.
Effective debt collection platforms require a range of features that seamlessly integrate with one another and offer complete configurability.
The emphasis of self-service in collections and recovery is a product of the increasing importance of customer-centricity.
Debt Manager, C&R Software’s industry-leading platform for debt collections and recovery, has a wide range of powerful AI- and ML-enhanced features. In this guide, we review these features, examining their use cases and benefits.
Self-service is becoming the new normal in recovery, and continuing to be without it will prove to be a disadvantage for your customers.
Behavioral segmentation is a technology that shines a light on the characteristics that lead to customer delinquency.
Technology and segmentation play major roles in helping collections teams enrich contact strategies through the use of Machine learning and AI.
Conventional debt collection platforms provide collections teams with the basic tools to manage their primary needs - such as managing payments, remaining compliant and having a centralized data repository.
Both businesses and consumers alike have run into challenging financial landscapes in recent times.
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