The Voice of the Consumer: Motivation to Pay Off the Debt

By on October 31st, 2017 in Debt Collection, Industry Insights, User Experience

Today, data science and analytics are empowering organizations to analyze user behavior and create better user experiences that drive success.  Big data and scale are top of mind as companies compete for market share and aim to deliver the best user experience possible. While powerful tools and testing can tell us a lot about what users want and how they interact with applications, features, and content, neither tells the whole story. It is still important to talk to your users in a traditional sense, by picking up the phone and having a conversation to understand how they feel and ask questions that data cannot fully answer. 

At TrueAccord we touch millions of consumers by empowering them to pay off their debt and reach financial health through a personalized, digital, self-managed process.  We are providing a powerful platform that is connecting our customers and consumers in debt during a sensitive process.  We are constantly testing and improving our product for better engagement and conversion, but when it comes to questions like, “how does it feel to be in this situation?” or “did you experience collections with other agencies? If yes, what was the process like and how did it make you feel?”, the only way to get valuable feedback is to have a conversation with consumers.  Their answers help us form an understanding of our users’ needs and shape more quantitative research. We want to understand how our users think and feel so we can better serve them. 

Meet a few of the consumers that have recently used TrueAccord for their debt repayment process:

Stacy: from suspicion to delight

Tell me a bit about yourself.

Stacy is a 29-year-old, married woman with one child and works in the medical field.

Do you remember when you received your first TrueAccord Email?

I was surprised to get an email, it wasn’t the usual process that I had experienced with other collections agencies.  So at first I ignored them and didn’t open them, but when I finally opened and read it, and did a little research on the company, I realized how easy this was going to be.  I could see my total balance, pick a payment plan and do everything online. It was so refreshing to have an easy and friendly process.  I love that it was digital, that’s what I’m used to with other services, and it really made it stress-free to manage the process myself and not to have to talk to anyone.

Have you ever dealt with traditional agencies?

Yes, I had previous debt, I got letters in the mail, so I called in good faith, I know I owed the money and wanted to pay it off, and they made everything so difficult and were incredibly unprofessional.  I wasted more than 30 minutes of my time talking to them, it was so frustrating.  

What can we do better?

It would be great to have some tools and content to learn how to manage my credit and budget. Sometimes when you’re in debt you may not know where to start and then it’s easy to just ignore the problem.  There are a lot of tools out there, it’s just making it top of mind is important.

Josh: sometimes all you need is a reminder

Tell me a bit about yourself.

Josh is 27 years old, engaged, lives in Colorado Springs, has a 4-year degree and works in digital marketing.

Can you tell me a bit about the situation you were in?

It was a dispute with a ticket reseller, and I was going back and forth with them regarding the issue, but it was taking a while and getting frustrating.  It was an honest mistake on my part that just turned out to be expensive. Then all of a sudden, I received an email from TrueAccord.

What did it feel like to receive the first TrueAccord email?

Honestly, I was surprised that they sent me to collections so fast, but I liked the fact that I could take care of it online, it felt more professional and user-friendly.  I paid it off right away, I didn’t want to have it impact my credit in a negative way.  

Have you dealt with other collections agencies, what was the process like?

I had medical debt previously that I had to deal with, it was a very frustrating process, they called me all the time, sent letters, called my employer, it felt like there ware no limits on what they could do. I needed someone to work with me and help me through the process.  

What was your experience with TrueAccord?

I was very impressed with TrueAccord, it was so easy to use, everything was digital and the communications were professional.  I could see my account overview, decide how and when to pay and do everything online. Getting a phone call in this age is so outdated, and easy to ignore.  The fact that I could do it online motivated me to pay faster.

Do you have any feedback for us?

Continue to do what you’re doing, keep it easy and digital, adding humans to the process adds an embarrassing element and frustration, it just adds emotion that is not helpful during this process.  People respond to being treated well and respected and given options that are on their terms.

What about learning more about how to manage debt?

I think when you’re younger you need to understand more about credit, if not managed well it can negatively impact your finances, so having more information on the site would be a great opportunity to help educate people.  

Vera: a positive process in hard times

Tell me a bit about yourself.

Vera is 30 years old, single, lives in Flower Mound, Texas, and works in digital advertising.

Tell me a bit more about the debt?

It was a payday loan, and I hit a rough time and couldn’t make the payments.  I’ve had other times where I was in debt, it’s not a great feeling, it hangs over you.

Did the original creditor try to collect from you?

They did, it wasn’t easy, they called me and I ignored the calls, in order to pay I had to call them, and I just didn’t feel like it.  

What happened when you were contacted by TrueAccord?

When I received my first email from TrueAccord, I began paying within a week.  The fact that it was digital had a lot to do with it, the process was positive, easy and I was ready to pay and put the debt behind me. Not having to talk to someone makes it a better experience. I use a lot of other apps, it’s just what I expect these days.

Have you used other resources for learning about debt or managing finances?

I use several apps: Credit Karma, Credit Sesame, WalletHub, I also like the Reddit forums, there is a lot of information about debt out there, and it’s easy to talk to strangers online where you’re anonymous.  For me, debt is a private issue so it’s not something I would widely talk about, just with close friends and family.

Richard: ease of use made the difference

Tell me a bit about yourself.

Richard, 35 years old, single, lives in Seattle and works in technology

Do you remember getting your first TrueAccord email?

I got an email and I paid my debt within the week.  It’s not a great feeling to be in debt, no matter how small the amount is.  

What was your experience with other agencies?

The process is always so time-consuming and difficult, they always call or just sent letters in the mail, these days that is not an experience I want to deal with.

How was your experience with TrueAccord?

TrueAccord was spectacular, I could just sit in front of my computer and take care of it.

Do you have any feedback for us?

Continue to work with people, help them if they need it.  Giving them the ability to do things online is easy to manage and convenient.  I think having options is helpful, choosing payment plan vs paying it off in a lump sum, flexibility is so important.

This is the first time I have ever had a call from an agency after having debt, it feels great to be asked for feedback.  Shows you genuinely care about what you’re doing and the people you work with.

What other financial services do you use or like?

I use Mint, Credit Karma, and my bank’s financial management tools.  I know how to manage my debt, but sometimes you can still get into trouble.  The are also a lot of blogs out there, so the content is there, but sharing with people during this time might be a good way to help them, people don’t always want to talk about this issue, or have someone to talk to.

Our users have strong opinions

From these conversations, it’s clear how much digital, self-managed experiences drive a more positive, trusted, and easy interaction for both sides.  How we feel has a lot to do with how we act, and by empowering consumers to make their own decisions and giving them the control and flexibility they want, we see they are more motivated to engage and pay.  Continuing the conversation, testing, and data analysis are at the forefront of what we do.   We are going to continue to bring great user experiences and new features to improve and enhance the TrueAccord experience to help consumers reach financial health.  

 

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