The Coronavirus pandemic has created a new economic landscape, one in which people with good credit histories who have never been in debt before are turning to creditors for help until they can recover.
Treating customers fairly and with empathy, based on their individual circumstances, is the right thing to do in this new landscape. In fact, the Financial Conduct Authority (FCA) has made fairness a matter of compliance, and it has imposed large fines on some high street banks that haven’t treated their customers fairly.
From the very first interaction, you have an opportunity to treat your customers with empathy and fairness, steering them towards the right payment outcomes while maintaining your reputation for first-class customer service and differentiating yourself from the competition.
Having the customer data to be able to forecast the impact of different scenarios on future debt and recovery levels is critical to managing any book of debt. We can help to validate the performance of your current propensity to pay or default models.
We can then make any necessary adjustments to guide your activities – such as prioritising workloads and segmenting customers so you can achieve the best results possible from available operational capacity.
Treating customers fairly in collections
Download our latest report which explores the thoughts of those who are struggling to pay their debts through financial hardship and how organisations can retain loyalty, create better outcomes and alleviate mental stress through difficult times.