You need to provide personalized and dynamic user experiences to stay competitive in the modern collections space. But providing these experiences alone isn’t enough to enhance collections performance. To do so, you need strong customer relationships alongside a modern collections platform.
In this article, we explore the importance of balancing technology with customer relationships from a podcast conversation between Christina Fisher (Manager, Growth Marketing) of C&R Software and Helen Leonard (Director of Accounts Receivable and Collections) of ACCO Engineered Solutions.
Having one without the other is not enough
The modern financial space has seen dramatic growth in technology. Every fintech and challenger bank is providing self-service support, omnichannel capabilities and user-friendly interfaces to enhance the customer experience. It’s true that these technologies can enhance the collections journey, but just having them won’t necessarily result in enhanced collections performance.
Building and sustaining engaging customer relationships is crucial to any collections journey. You need a reliable back-and-forth with your customers to receive up-to-date financial information that can inform your strategies. But you can’t convert this engagement into successful collections strategies without the proper platform and tools in place. This is why you need a balance between both technology and customer relationships.
You need technology that helps you foster engaging customer relationships
Modern collections platforms bring technology and customer relationships together through AI, algorithms and automation capabilities. They give you the tools to support each of your customers on a personalized level without stretching your team thin with a large workload. From there, you can build unique collections strategies that support your customers on a personalized level and enhance collections performance.
- Omnichannel communications - Configurable platforms store your customer’s contact preferences and integrate with your preferred omnichannel system. This accommodates their preference of contact to strengthen your relationships and build engagement.
- Algorithms and segmentation - With a reliable level of engagement, you can then use algorithms to compare your customer data to historical examples and create predictions on their likelihood to pay. Then, the algorithms can be operationalized to automatically segment these customers into groups based on the appropriate treatment paths.
- AI and automation - With your customers segmented, you can then use AI and automation to assign them to appropriate treatment paths based on your own strategies. This helps personalize your customer experience to enhance collections performance while saving time for your team to focus on strengthening customer relationships.
Balance technology and customer relationships to enhance performance with C&R Software
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.
At C&R Software, our industry leading Debt Manager can help you build engaging relationships with your customers through modern capabilities. You can integrate algorithms, AI and automation to communicate effectively with your customers and create strategies that result in debt resolution.
To find out more details about the conversation between Christina and Helen, watch the podcast here. To find out more about how Debt Manager can help you balance technology and customer relationships, contact a member of our team today.
