With any industry that provides customer service, brand loyalty is vital in ensuring their procurement and retention. For collections, brand loyalty has gradually become a focus with an industry-wide shift towards customer centric and humanized experiences.
In this article, we explore the relationship between brand loyalty, technology and humanized collections from a podcast conversation between Christina Fisher (Manager, Growth Marketing) and Carol Byrne (Vice President of Marketing) of C&R Software.
The importance of brand loyalty
Brand loyalty is a foundational element of collections that works both ways. Your customers want to rely on you for support and guidance to regain financial stability, and you want your customers to stay rather than move elsewhere. Customer retention is defined by brand loyalty, and you need to provide the services that make your brand shine above the rest.
Traditionally, brand loyalty has been low on the list of priorities for collections businesses. But now, the benefits of building strong customer relationships and showcasing your commitment to guiding them through difficult financial situations is clear: improved collection performance, customers resolving their debt and a smile on everyone’s face.
How technology enhances customer care
Technology is the driver that enables you to provide the right type of support that individual customers need to reach financial stability. Predictive analytics, machine learning and segmentation all work together to quickly and clearly identify the right treatment for the right customer. They use historical data, compare it with customer characteristics and automate the treatment path that is likely to reach a resolution.
By harnessing technology in collections, you can be informed, prepared and equipped to provide guidance and support for customers to reach debt resolution. And the best part is that it is all automated using a configurable platform and your own workflows, letting your team focus on customer care.
Humanized collections - everything coming together
A truly humanized collections process is the result of harnessing technology with a combined focus on customer care. By utilizing a configurable platform, you can humanize your processes in a number of ways:
- Customer contact preference - These platforms showcase omnichannel capabilities where the preferred channel of each customer can be supported at an equally high level of service. Happy customers are responsive customers.
- Segmentation - You can identify and segment groups of customers and assign them treatment paths that lead to financial stability based on analytics. This lets you help the individual customer with solutions unique to their situation.
- Self-service opportunities - Each customer is different, and some are far more responsive to self-service options rather than direct phone calls. Providing this option improves and humanizes their experience tenfold and builds brand loyalty.
Debt Manager - brand loyalty, technology and humanization all in one package
Brand loyalty, technology and providing a humanized collections experience are all one in the same when it comes to debt resolution. Customers need support and guidance from you, and you need customers to stay and support your growth and scalability.
C&R Software’s industry leading debt manager includes all of these factors into one easy-to-use package. You can harness AI and machine learning technology to provide humanized customer experiences at each stage of collections. And no, you don’t need a technical specialist.
To find out more details about the conversation between Christina and Carol, watch the podcast here. To find out more about how Debt Manager can build your brand loyalty and provide humanized collections experiences, contact a member of our team today.
