Delivering a collections strategy that balances the needs of the customer with the needs of your business is essential in today's highly competitive collections environment. The increased number of customers involved in debt scenarios presents new challenges in terms of analysing and segmenting debt, and deciding on a strategy to pursue. It also presents great new opportunities:
- Increased competition for share of disposable between multiple creditors
- Retaining current debtors as long term customers through service
- Increasing customer loyalty
It is the interactions of your collections teams with your customers that will drive your success in competing for repayments and in retaining loyalty. Ensuring your people have the right tools for the changing face of collections is more important than ever before.
Procter research has shown that from a customer point of view success is measured in terms of how well collections teams are able to:
- Reassure me – have the confidence to have a natural, adult conversation with me and build a platform of trust that I am speaking to someone who is capable of helping me/providing value
- Relate to me – deal with me as an individual by adapting your communication style and questions to match my agenda in balance with the company's agenda
- Recommend/Resolve – have the credibility to shape the conversation to reflect a balanced agenda and provide me with solutions that work for me – and your organisation
Lloyds Asset Finance:
97% decrease in escalated calls. 650% increase in cash collected
Example case studies
Imparta (through its service division, Procter) has extensive experience of working with collections teams in various marketplaces. Examples include:
- Explore our R3 Programme in more detail.
- Use the Design Your Solution section part of this website to start thinking about how to communicate and embed the new skills required. You can then download a customised PowerPoint presentation to use in internal discussions.
- Contact us to ask specific questions, or to find out more about how we can help you to improve collections.
Select other business priorities in...