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Chris Smith | 07 December, 2023

The power of hyper-personalization

Basic personalization isn’t enough to clear accounts at a scalable level as more customers enter collections. Omnichannel support and self-service capabilities are vital in establishing engagement with your customers, but you need to address the rest of their collections journey. Otherwise, you risk providing a disjointed experience that starts well and ends poorly.

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.

Humanize the collections journey from start to finish

With a starting point of omnichannel and self-service capabilities, you need to dynamically manage each of your accounts. A one-size-fits-all approach simply won’t work, so you need to help the individual customer while efficiently managing growing account volume.

Use analytics to help the individual

Analytics and algorithms make it easier to understand your customers at an individual level. They compare customer characteristics to historical data, such as their outstanding balance or number of missed payments. The algorithm can then assign a value to each account based on their likelihood to pay. For you, this means better visibility on which customers need closer attention and support. For your customers, it means their situation is understood at an individual level.

Formulate strategies that lead to financial stability

With the engagement and analytics of your customers sorted, you need to create a personalized collections strategy that results in resolutions for each customer. AI and machine learning tools achieve this by translating customer characteristics into applicable treatment paths and strategies that are hyper-personalized to each customer.

Segment customers to boost efficiency

The next step of hyper-personalization lies in segmenting customers based on the results of their analytics. This is the automated process of grouping customers that are facing similar debt situations, making it easier for your team to manage significant volumes of accounts. You can then assign your pre-determined treatment paths to each group to boost efficiency without sacrificing customer support.

Provide a holistic experience with a configurable platform

A configurable platform acts as a holistic system that connects the dots between each step of the customer journey. They seamlessly integrate communications, analytics and treatment assignment into one easy-to-use platform. No matter what stage your customers are at, their support is informed by a centralized data foundation. This results in a seamless end-to-end collections experience that is consistent and personalized to their needs.

By adopting a configurable platform, you can experience the true benefits of hyper-personalization.

  • You can clear accounts faster in a humanized way with strategies that are suited to each customer. 
  • Your team can commit more time to supporting customers rather than manual tasks that can be automated. 
  • Your customers receive seamless collections experiences that boost retention and help them reach financial stability.

Bring hyper-personalization to your customers with Debt Manager

Basic personalization isn’t enough in the modern collections space. You need to ensure your customers are receiving a humanized experience at every step of their journey. Only then can you clear accounts in a scalable way without impacting customer retention.

At C&R Software, our industry leading Debt Manager platform can provide you with the necessary tools to provide a truly seamless end-to-end user experience. Our platform supports the integration of AI, analytics, automation and machine learning into one simple-to-use interface. You can be confident in clearing accounts faster and enhancing customer retention through hyper-personalization.

To learn more about Debt Manager and how it can provide hyper-personalized capabilities for your customers and processes, contact a member of our team today.

 Chris Smith
About the author

Chris Smith

Having spent his entire career in the credit and collections space, Chris Smith started out building and implementing collection strategies before leading product teams. Now the Vice President of Product at C&R Software, he supports organizations in a variety of countries and industries achieve their ROI goals. Chris is an analytically-driven product leader, specializing in defining and executing product strategy and positioning to drive business growth.

A guide maximizing customer experience during debt collection
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