Customer Satisfaction in the Collections Industry

By on April 16th, 2019 in Industry Insights
TrueAccord Blog

It’s not easy to make customers happy when you are trying to collect a debt from them, but customer satisfaction is an important component when servicing consumers, even in debt collection. Low customer satisfaction reduces collection rates, increases complaints, and adds to legal exposure. The old days of hitting consumers over the head, metaphorically, with aggressive phone calls is over. There are a few key ways you can turn around customer satisfaction in your collections business to see better results.

Why Is Consumer Satisfaction So Low?

Within the collections industry, most consumers are angry, frustrated, and even downright unhappy with the service they get from collections companies. Initially, this can seem that these individuals just do not want to pay the bill. Yet, more than often, it is the result of being unable to communicate their needs. Or, they feel as though the person on the other line isn’t listening to them. Sometimes, repetitive phone calls or a lack of information between two parties calling the customer leads to this type of turmoil. Pitting collectors with aggressive quotas against consumers in debt isn’t helping, either – and evidently, most compliance violations and complaints come in at the end of the month, when collectors are most stressed out.

First, Consider What’s Happening Around Them

You cannot make excuses for your customers. You cannot look the other way because they are having a financially tough month. However, it is important to understand what is happening around the customer that could be making hardship difficult. For example, are they struggling due to economic factors in their community or the country as a whole? Understanding why they are where they are can be valuable in helping you to offer a solution that fits their situation.

Improve Your Platform

Are you using the latest technology and resources to help you connect and remain connected with your customers? It is very common to find yourself unable to provide for the needs of the consumer if you have not done this. And, this can help to improve not just how satisfied your customers are, but also the company’s bottom line.

For example, are you able to offer a customized collection process that fits the needs and the behaviors of your clients? Do you need to update your solutions so you can allow your customers more flexibility, more insight, or even the ability to make a payment online? Does your system limit the amount of information that can be shared between parties, making it hard for you to meet your customer’s goals of being able to speak to someone who understands their situation every time? What could more data do to help improve your business and give your team better insight into your customers?

Take the time to consider what changes could help improve customer satisfaction within your organization. In many situations, making a change in the way you empathize with your customers as well as understand their needs, can help to improve the experiences you are having.

Learn more about the options and opportunities available to you today. When you do, you are sure to find a wide range of opportunities available to make small improvements that can create a better outcome for every customer.