The debt collection industry has come a long way in the past few years. The introduction of AI debt collection, machine learning, and chatbots has shifted the tide of the debt collection landscape. Many policies have been introduced to empower people in the debt collection industry. However, there is still a long way to go before people in debt collection can truly be empowered.
Here’s how people in the debt collection industry can be empowered.
Empowerment through communication
Having the correct information and tools to connect and communicate gives the power in the hands of customers and agencies. Customers feel empowered as they can tell the debt collection agencies to contact them through their chosen medium. They can also reach out to the agencies at any moment if they have any queries regarding their debts and payments.
Agencies also no longer have to wait for the customer to get the mail and respond to it or run after elusive customers. They can send emails and text messages to communicate effectively. Having timely communication can reduce the payment gaps significantly.
Empowerment through customer experience
The traditional debt collection industry was infamous for its terrible customer experience. That was one of the primary reasons people didn’t like dealing with debt collection services. However, things are changing, and digital debt collection focuses on enhancing customer experience.
Debt collection agencies no longer threaten customers to make payments. Instead, they try to understand why the customer can’t pay and take measures to help customers with their finances. They make the invoice format simple and easy to understand. They send timely reminders to customers and offer financial plans to help them pay their debts.
Agencies are also focusing on using advances in analytics to provide personalised and customised services to enhance the interpersonal relationship between the companies and customers.
Empowerment through listening
Customers have always felt that their voices aren’t heard in the debt collection industry. No one cares what they are going through and why they struggle with their debts. Debt collection agencies want to change this perception and ensure customers are given a platform to air their woes. Listening to your customer’s problems is a sure-shot way of winning their trust.
Now more and more agencies are trying to find a middle path that is beneficial for both parties.
Companies are investing in AI-based software that can do a predictive analysis of customer data to determine which customers would pay. It makes it easier to pursue the customers who would be less likely to pay and provide better services to regularly paying customers through rewards and recognitions.
Empowerment through transparency
With digitization, things have become more transparent and clear. Various laws have been established to help protect customer rights during debt collection. These policies and rules help debt collection agencies maintain credibility with both creditors and customers.
DebtCo is the only all-service digital debt collection agency you need for all your payment collection woes. We have developed an innovative digital debt collection platform that can take care of all your collection problems, regardless of your industry. You can reach out to us at 01376 800 592 or request a meeting to learn more about enterprise debt collection.