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Collections Solutions for Banks
Four key areas of investment to ensure long-term collections success.
Collections can be a daunting process. How customer interactions are handled, or conversely not handled, directly impact brand reputation and customer satisfaction. Before the first call is made, there are four areas of investment companies can make to ensure long-term collections success.
- Compliance - A compliance-focused customer experience is a must. Without this, not only can you harm your relationship with your customers but also be at risk for breaking numerous laws and regulations that can lead to stiff fines and other penalties.
- Quality Assurance - Managers should regularly monitor both live and recorded calls to ensure their staff is providing a great customer experience while simultaneously recovering debts from the client and maintaining 100% compliance with corporate, state and federal guidelines.
- Training - Your customer service representative is the face of your business. A training investment must be made to help your staff become masters of customer service as well as compliance. Getting it ‘mostly right’ will not guarantee increased recoveries and superior customer service. Reaching these objectives is key to helping move a customer from default status to repayment status.
- Customer Experience - Training, compliance and quality assurance all lead up to the customer experience. A customer-centric approach to collections can impact an organization in a number of ways, including heightened customer satisfaction and a subsequent reduction in the level of complaints resulting in bad debts.
Aspect can help you not only move debtors into paying customers, but also preserve the positive relationship between your customers and your brand.