2023 Guide: Improve Collections and Customer Service – Strategies for Successfully Reducing Risk and Improving Customer Retention
This practical report focuses on compassionate strategies to mitigate this rise in debt coupled with consumers’ decreased ability to pay. The strategies have new digital possibilities at its core, and is always respectful of both legal and ethical issues within both North America and the United Kingdom.REPORT
As the nature of debt changes, so too must the way businesses respond. We reveal three trends in consumer debt and explain how you can ensure your business stays ahead of them.
In the final article in our behavioural science crash course we detail the principle behind wise interventions. These are the pillars which support nudges for the public good. Read on to learn how to effectively design your nudges for success and the practical considerations to keep in mind to avoid failure.
If your customers are dissatisfied by the AI tools you have implemented, it’s a fault of the application not the technology. Chatbots are great for making happy customers happier but drastically fall down at dealing with more complex problems. Debt collection requires a better, more sophisticated, proactive solution.
We are at the stage where AI is human-like enough to assist with elements of customer service and problem solving. For businesses that are investing in their AI capabilities, they need to make sure that everything they are doing is increasing the trust their customers have for them.BLOG
If done well, the way you handle debt collection can not only recover what you are owed, it could also work as something of a customer sales tool – keeping that customer with you as their finances restabilise.
Debts are soaring for Gen Zs entering the working world - a generation that's been hit hard by Covid-13 and it's many repercussions, along with a surge of new technologies replacing the entry-level jobs that would have been their career stepping stones. Let's talk about how you can win their favour as they enter this brave new world and help them to have successful, debt-free customer journeys. You may just win their loyalty for life.
Not all debts are created equally. Some are easy to get back, others will be lost forever. Only by combining intelligent data capture with intelligent communication can you hope of finding out which is which on a mass scale. With proactive conversational AI, you can quickly probe your debtors to find out which levers you need to pull to guide the issue to a favourable resolution.
It may be counter-intuitive to think that people might prefer to speak with a computer over a human being. But early experiments with AI revealed some illuminating human behaviours that are central to understanding our preference for non-judgemental entities in personal matters.