The debt collections process has experienced a revolution in customer service in recent years. Technology has transformed an antagonistic pursuit into a cooperative one, which is consumer focused. Successful debt recovery requires a focus on customer experience. And here we outline ways in which you can improve customer experience as a means to streamline and optimize your collections operations.

1.    Keep Customers Updated

Communication should be at the forefront of all debt recovery.  And today people expect to be contacted via communication channels they’re familiar with. Digital-first customers inhabit an app-based world, and they want to address their delinquency in their own time. Gone are the days of calling customers who are past due; there are now much smarter and successful ways to communicate. LATERAL provides proactive notifications for collections, which enables its users to send payment reminders to customers across multiple channels – voice, text, email – so you can collect more debt, more easily.

Customer Experience

2.    Be Clear Up Front

Outlining the terms of your agreement up front is a critical part of the process. When terms and conditions are written in small print, or VAT is not included in calculations, customers can become frustrated. By contrast if you can communicate clearly and quickly from the outset, levels of delinquency will significantly reduce.   

3. Invest in Software that Enables Debt Recovery

Software is the most powerful weapon in your armoury when pursuing debt and maintaining customer loyalty. Its use means inefficiencies will be eradicated to release valuable time for more profitable tasks. By investing in software, collectors will spend less time preparing for calls and searching for information and more time actively pursuing debt. With comprehensive debt collection software, such as LATERAL, all account information will be stored in one central place, available in one screen, in the cloud, accessible from anywhere. LATERAL will help you improve invoice accuracy, improve all communication processes, and will provide your company with an optimum level of customer service.  

4.    Answer Questions

Finally, the establishment of an FAQ (Frequently Asked Questions) section of your website can be a very useful resource. From the customer’s perspective it can be frustrating if they can’t find the answer to their query.  Presenting useful information, which they can easily access, will improve overall customer experience.

With rising delinquencies and resource limitations, institutions need better software when it comes to debt recovery. Want to improve your customer experience? Look no further than LATERAL, and REQUEST A DEMO TODAY.