Improved collection experiences directly lead to an increased likelihood of resolved debt. Not only are your customers more likely to engage with you again after they become current, but you’ll be better informed to develop personalized solutions through the increase of available data.
AI provides collections businesses with a range of tools and capabilities to both humanize the process for customers and enhance collection performance for credit issuers.
The UK’s Consumer Duty guidelines has established a standard of customer centricity for financial services. The goal of this humanized approach is more than just compliance, and more to build stronger relationships between businesses and their customers.
A one-size-fits-all approach to customer engagement is futile. Instead, you need to build an understanding of customer behavior to be able to guide individual accounts to financial health
The benefit-focused outcomes outlined by the UK’s Consumer Duty sets a precedent for financial firms to provide a consistent and high-quality level of customer service.
Data management in traditional collections processes is time consuming. Teams need to procure information from different sources (specific departments, third parties, storage locations) and then perform manual analysis to inform their engagement with each customer.
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.
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