How To Create A Customer-Focused Debt Collection Strategy That Works?

Customer Focused Debt Collection

RecommendedReading

Social Share

Debt collection calls are often the last interaction you can have with your clients. Therefore, these calls can have a significant impact on customer experience and customer retention efforts. For this reason, your collection agents must pay ample attention to the tone, timing, and framing of the conversation while making a collection call. Adopting a relationship-building mindset before making a collection call can help you deliver a better customer experience.

Gone are the days when debt collection was solely about ensuring as much recovery of the outstanding debt as possible. In this age of customer experience, collecting needs to be about more than that. Apart from maximum recovery, it should also focus on the customer and his/her situation. While collecting debt, no two customers should be treated the same way.

With decades of experience in handling debt collection calls for our clients, Fusion has an in-depth understanding of the modern collection strategy. We understand the difference between a customer who has forgotten to make a payment and one who is going through a financial crisis. We also know how to deal with both cases.

At Fusion, we have learned the delicate art of collection while keeping the customer in focus. We focus on uncovering customer needs, addressing their concerns, offering solutions, fixing issues, and promoting your company as a valuable resource to your customers — especially those with potential for repeat business. It helps us create an engaging customer experience using the right technology and analytics, resulting in better customer retention.

Leveraging Data To Your Advantage

Remember those outdated collections approach that often resulted in uncomfortable interaction over the phone? Those could never ensure repayment. At Fusion, we believe in leveraging data to your advantage. Finding the most effective channel to reach a defaulting customer, identifying the best time to contact them and even the frequency of interaction can be determined using data and technology.

Data and analytics can also help us identify the customers who are likely to pay their dues on their own and those who may need a little push. It allows us to adjust our treatment strategy for each individual. When you cater to the preferences of the customer, there’s a higher chance for a positive experience on both sides. The results are less charge-off debt, higher customer satisfaction, and a strengthened bond between you and your customers.

Convenience Is The Key

In this digital age, convenience is the key to customer satisfaction. Therefore, to keep your customers, even the delinquent ones satisfied, you must pay attention to their convenience. Contact them via the interaction channel they find convenient to use, including email and chat. Allow them to set their payment date and terms. If your customers want to negotiate and manage their past-due accounts virtually, they should be able to do it. It will result in improved customer experience and will compel your customers to give you repeat business.

At Fusion, we always give customer convenience a priority. By treating each customer differently, we develop a better bond that allows us to know what your customer wants from your business. We believe that customers, not money, need to be at the heart of every debt collection strategy. For debt collection, you must treat customers and his or her unique situation individually rather than as a portfolio profile.

Fusion has an excellent track record of running successful accounts receivable management campaigns for our clients while delivering excellent customer experience. We specialize in collection in a number of areas including auto finance, fintech, utilities, mortgage and credit card. Do you think we will be fit for you as a collection partner? Contact us today!