The age of the internet has brought about an age of transparency and exposure. News can travel around the globe in seconds thanks to the power of social media, and this visibility means that a company’s business practices, day to day operations, and mission are just as clear and present in the market as their products and services. Brand matters, and nothing helps to build or break a brand’s reputation faster than social proof.
Today, companies don’t win just because they have the best products and services, they win when they provide the best customer experience and allow their customers to share that with the world. Companies that do this well are experience disruptors. Creditors looking for collections solutions can struggle to provide a positive collections experience (no customer wants to be in debt after all), but we know that it’s possible to build your brand and still collect on debts at the same time.
Stay ahead of compliance
This should go without saying, but collections teams that stay up-to-date and even ahead of federal and state compliance meet with fewer customer complaints and lawsuits. In an industry where not using (or even over-using) the right language can lead to a lawsuit, ensuring compliance must be the first step in providing a consistent, secure, and positive brand experience.
Creditors and customers alike benefit from collections systems that keep compliance at the forefront. New regulations like the CFPB’s proposed rules can add new layers of complexity to the collections process. Thankfully, digital collections strategies can aid in coding compliance directly into outreach and minimizing human error!
Speaking of using the right language at the right time, using clearcut language that helps consumers understand their debt is essential to building a brand that is seen as reliable and trustworthy.
Building your brand with a modern, digital collections strategy is essential because today it isn’t just about reaching consumers and requesting payment.
While compliant language is a large part of transparency, making it easy for customers to understand the exact steps they have to take to get out of debt and how they can work with a team to pay off that debt helps smooth the process. When steps to get back on track are clearly outlined and presented in a way that is digestible to the least sophisticated consumer, the debt payment experience is better for everyone.
Adapt to changing customer expectations
Customers expect their financial services to be exactly that—services; they want their tools to work for them. If someone can do all of their day-to-day banking through an app, they shouldn’t have to wade through stacks of paper mail and phone calls in order to resolve a debt.
Traditional collections models have made some technological advancements, but are still largely bound to call-based collections practices. Financial technology experience disruptors like Rocket Mortgage have simplified and digitized their services to meet consumer expectations. NerdWallet says that their “document and asset retrieval capabilities alone can save you a bunch of time and hassle.”
Make a change
Digital debt collection agencies are dedicated to saving consumers time and hassle by reaching them via email and push notifications instead of calling in the middle of dinner. Customers can respond to outreach and utilize payment systems at their own pace.
Building your brand with a modern, digital collections strategy is essential because today it isn’t just about reaching consumers and requesting payment. Companies build reputation by providing a proper experience. How they collect is why they win.