Single Customer View of Debtors is the aggregation, in a single system, of all the information related to debtor. When it comes to local council and local authority debt recovery and debt collection, there is, quite simply, no better source of information than a Single Customer View. Here we outline how a Single Customer View of Debtors can power councils and local authorities to improve their collection rates.
1. Be Powered by Granular Information
A Single View of debt provides councils with granular data of all kinds – from demographic to transactional data points, and insights into a debtor’s historical behaviour. This precise information means a ‘hit and miss’ approach to debt recovery is thrown out of the window. Instead, a precise and highly personalised approach can be applied to each individual debtor’s case. With a 360 degree debtor view, the local authority’s efforts are targeted and their collection results dramatically improve.
2. Real Time Data
When customer debt and data is updated in real time, local councils and government agencies can experience many advantages. By using a Single Customer View, the debtor’s profile is constantly updating, and growing with every interaction between them and the council. Real time data means local councils and local authorities can be more proactive, they can understand the intricacies of every debtor, and they can improve their collection rates. Real time data leads to a more personalised approach to debt recovery.
3. Predicting Future Behaviour
A Single Customer View enables councils and government agencies to collate customer’s past behaviour, their current debts, their debt history and their interaction preferences. This data can be modelled by Single View of Debt Debt Recovery Software, which presents a solid prediction of future behaviour from an accumulation of data. This means the council can communicate and respond using the software’s fountain of knowledge; communicating relevantly via channels that are most likely to reap rewards based on previous interactions.
4. Better Reporting
All councils need accurate data and software that provides strong reporting capabilities. Single Customer View Debt Recovery Software empowers local authorities to create their own segmented demographic data, via bespoke reporter tools, and build deeper and more detailed oversight when it comes to their operations processes.
5. Regulatory Compliance
Local councils must meet the demands of regularity compliance. And with the current climate and the ever increasing challenges faced by local authorities and government agencies, a Single Customer View of their Debtors means councils can understand who their customers are holistically. This facilitates a more compassionate way of supporting debtors back to financial stability. It also means councils can limit their exposure to risk and meet all their legal requirements, now and in the future.
In 2021 the challenges facing local authorities pursuing debt recovery and debt collection are great. But Lateral Technology is here to help you take on the challenge. Lateral delivers industry-leading Single Customer View of Debt capabilities to local authorities across the United Kingdom. Lateral has a solution to meet any requirement for a Single Customer View of Debt. So get in touch today and try a free demo.