Debt collection and the customer experience

November 30, 2017 by Guest Contributor

For most businesses, the customer experience is at the heart of every strategy. Debt collection shouldn’t be different. Here’s why:

  • 21% of visits to an online debt recovery system were made outside the traditional working hours of 8 a.m. to 8 p.m.
  • Of the consumers who committed to a repayment plan, only 56% did so in a single visit.
  • PricewaterhouseCoopers reported that 46% of consumers use only digital channels to conduct banking, avoiding traditional offline channels.
  • Conversely, data collected by Gallup between 2013 and 2016 showed that 48% of American banking customers would only consider using a bank that offered physical branches.

The debt collection process is an often-overlooked opportunity to build customer relationships and loyalty. Leverage data and technology to replace outdated approaches, minimize charge-offs and create environments that value each customer.

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