CCR2 Customer Engagement
Not having a clear and accurate view of
the customer’s profile can put a collection agent at a disadvantage and may result in a poor customer experience during what is often a difficult and stressful time. Many businesses struggle to create a single
customer view as data is held on different systems and different products are managed across different departments that work in silos. Within the utility sector, for example, a customer who has left a debt at one property may still be a customer at another property but these accounts may be seen and treated as two different customers in two separate processes. For the utility sector specifically, there is
the additional challenge of occupier debt, an instance where a party can consume services without registering their account or officially becoming a customer. This happens when a new person moves
into a property and there is a period of time where the utility provider does not know who is the occupier, making it difficult to know who is liable for any services used or debt accrued. Using data to trace and track customers
can deliver a better service for both previous and new occupiers as well as reducing the need for recovery processes, saving business resources.
December 2019
Open Banking, for example, adds transaction data into the collections process and has the potential to deliver more accurate information and significant time saving benefits for both the customer and collection agent as it enables the part population of income and expenditure statements
A rich single customer view along with
verified up-to-date customer information is the foundation of creating a good customer experience and can be key to protecting vulnerable customers. A better understanding of the customer’s
situation enables collection agents to set up more sustainable payment arrangements that are based on a more realistic and complete picture of the individual’s situation. Gathering up-to-date information can be difficult and sometimes time-consuming, but
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technology solutions are available. Open Banking, for example, adds transaction data into the collections process and has the potential to deliver more accurate information and significant time saving benefits for both the customer and collection agent as it enables the part population of income-and-expenditure statements.
Barriers to fully utilising data in collections Technology has a critical part to play in the evolution of data driven and smarter decision making to improve and personalise customer experiences, however, it does come with an investment price tag, which can be challenging with overall cost pressures. Businesses who rely on out-of-date legacy
systems may be unable to fully realise the benefits of data and analytics as they are unable to effectively integrate them within the collection strategy or have difficulty in pulling together data from multiple systems. Collection functions who invest in data,
technology and analytics, whether internally or through an outsourced third party could find that they can meet today’s and tomorrow’s challenges, increase their margins and improve overall customer experience. CCR2
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