In 2021 a “single view of debt” or “single customer view” will be selected by all those working to optimise and improve their collections process. Let’s take a deep dive. 

Single customer view (SCV). What is it and how does it work?

A single customer view, also known as propensity modelling, is an holistic representation of the data held by an organisation about its customers. Also known as a ‘360’, ‘360 degree’ or ‘unified’ customer view, it is a method for gathering all the data about your customers and prospects and merging it into a single, unified record. It is a profile of each citizen or customer, so you can get a clear overview of their full situation in regards to your business or enterprise. SCV takes into account all the available data on an individual. Often different channels are run by different departments within an organisation. Data is aggregated from different streams, and the SCV unites all available data to construct a clear, unified picture of each individual. 

Single Customer View of Debt 

When it comes to debt collection and debt recovery a single customer view is a very powerful resource, since by consolidating every piece of information about your users in one centralised location, you’re provided with an important overview of their holistic arrears. And this is incredibly powerful information. A debt collection system which holds and presents a single view of debt for councils or government agencies, enables a holistic approach — identifying which individuals owe multiple debts to the council. And it also serves as the basis to formulate a strategic approach to effective debt recovery. By extracting the data relating to the individual from the system, a full view of their circumstances can be seen. This accurate information means the council is in a strong position to offer help, assistance and guidance to debtors, and work with them to formulate a repayment plan based on their unique circumstances. It is a solution-led approach, that reduces poverty whilst also making gains for the council. 

The Rising Importance of Single Customer View 

The increased demand for single customer view software has arisen during the COVID-19 pandemic, and has become 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”.

Furthermore, as local councils and organisation continue to focus on poverty-reduction and safeguarding, a single view of debt strategy becomes the most natural course of action. 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. Other firm benefits of a single customer view are improved response rates and data integrity, as well as more accurate decision making. A single customer view of debt removes duplicate records and consolidates data, improving overall accuracy. All decisions and communications made in relation to the debtor can be underpinned by completely reliable data. 

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.