Powering a single view of debt is the most innovative and useful way to optimise the collections process. Here we outline the many benefits of this strategic approach to collection management.

What is Single View of Customer (SVoC) and Single View of Debt?

Single View of Customer (SVoC) is a means to manage and present all data relating to an individual customer or citizen in one single record and location, making it easier to read and easier to access. A single view of this debt leads to more accurate reporting, forecasting, communication and collection.

What are the Benefits of a Single Customer View?

1. More Accurate Decision Making

Software which presents and organises a single view of debt provides its users with much greater insight into a debtor’s behaviours and communications, or lack thereof. This means local councils, businesses, or other government agencies can tailor their communications to the individual and reap greater rewards. An SVoC works to remove duplicates and consolidate data, improving overall accuracy. All decisions and communications made in relation to the debtor can be underpinned by the reliable data that has been accessed.

2. It is Essential COVID-19 Technology

According to Lateral CEO, Ian McManus, who is a leading innovator in single view of debt technology, it “can help a customer have an improved experience with the ability to prioritise those with financial difficulties and tailor the approach based on individual circumstances and propensity to pay. Using SVoC allows the council as a whole to make better and more ethical choices about their customers which is important at any time, but essential during the COVID19 situation”.

3. Improved Safeguarding 

Informed and consistent decision making is vital in the pursuit of debt. A single view of debt for each citizen means councils, government authorities or businesses can consolidate the existence of multiple debts into a single location, which safeguards data and prevents citizens from experiencing unnecessary communication or distress.

4. Improves Response Rates and Data Integrity

Perhaps the greatest benefit of a single view of customer facility is that it serves to dramatically improve response rates. Lateral’s single view of debt empowers its users to manage the full collection cycle in one location, in real time. Communication is more accurate and purposeful and this more personalised experience will lead to improved customer service and vastly improved response rates, whilst also ensuring any data’s long-term integrity. 

5. It’s Holistic

An holistic view of debt is crucial to the collection process. With local authorities, councils and businesses all owed increasing amounts of debt, and with operating budgets reduced, these are challenging times. The 360-degree view of citizen debt provided by Lateral empowers councils and local authorities to help individuals pay off their arrears in a way that suits their specific circumstances. Having a single-view system gives councils an holistic view of arrears, and there’s nothing more powerful.

To learn more about how Lateral’s single view of debt can help you adapt and evolve, get in touch today.