Collecting customer payments has always been a challenge. Navigating the nuances of interacting with customers and trying to have the difficult conversations about money and when a payment will be made is fraught with challenges.
The contemporary consumer, living in a world where they can summon a taxi and have their food delivered to their door is in no mood to go through the long process of rearranging a payment schedule or even talking about it on the phone. Customers forget, are late payers and fall behind in payments for many more reasons today than they historically have.
So how can the process of collecting a customer payment move with the times? The key is in taking an innovative approach to debt collections. Taking a step back, assessing how the business should be engaging with customer, not only to get the best outcome for the business but also the customer.
Conversational customer engagement is our new reality. Whether the business is a bank, in retail, a leading utility, an insurance company, a travel company, no matter what the business, having conversations with customers on their terms i.e. on their Messengers (messaging apps) is now the norm. So why should debt collections and recoveries be any different?
In this quick read e-book, we look at what it means to be innovative in debt collections and how to create engaging customer experiences, the scale of the shift to messengers and just why moving to a conversational customer engagement model incorporating chatbot automation is the key to debt collection success.