||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| |||||||||||||||||||||||||||||||||| Consumer Credit In Focus
So, what best practices models are
emerging today? There are fi ve elements driving strategy: Providing an omnichannel off ering is becoming the go-to model, because brands can engage with customers using messaging services that are used every day – like SMS, Messenger or WhatsApp – alongside more traditional digital tools like email. Chat bots, which encourage two-way conversations, are being used to automate the most frequent interactions. Integrated into these processes, is the ability to elegantly hand off to a trained, empathetic customer service professional, to manage both high value and high-risk interactions. Some companies have identifi ed that a review of the tone of voice is not enough. They have made signifi cant cultural changes too and adapted recruitment policies to fi nd people who are empathetic, supported by appropriate training models. Finding the right collections partner is also important. An expert that can use technology
May 2022
A large European Banking and Insurance provider we have worked with has reviewed the type of communication it sends to people to remind them a loan repayment is due, and also the tone of voice used. It found that switching from email to a more friendly SMS increased payment rates by 10%, as people were more likely to open and act upon the message by following a link to pay or request help with payment schedules
and follows an ethical and fl exible payment strategy is becoming an essential part of the debt collection model. The best companies are going one step further and using a review of ethical practices as an opportunity to look at other operational pinch points. Such as reducing friction between anti-fraud measures and delivering a seamless customer experience. This will become especially important for vulnerable households as the year unfolds.
In summary Managing the cost-of-living crisis will be complex for every industry. Energy companies and retailers alike will need to work closely with fi nancial service providers and debt collection agencies to establish best practice models that protect their business, brand and vulnerable people. It is a tough ask but with an ethical and
values lead approach it is possible to make the future a little more bearable for households who will struggle. CCR
www.CCRMagazine.com 19
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