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Better Communication: Success in a Constrained Collections Environment

Better Communication: Success in a Constrained Collections Environment

Fico
Published by: Research Desk Released: Jun 22, 2020

Improving Customer Communications: Success in a Constrained Collections Environment

When the US economy recovers sufficiently, banks and credit unions will face an overwhelming task:  Engaging individuals who became delinquent in their mortgage, auto, credit card and personal loan payments.  Perhaps your collections activity will begin with your staff working primarily from their homes.  How will you manage the tsunami of collections with the same number of staff, many of whom will be working remotely?

Many organizations have been considering omni-channel communications to provide better service to their members while reducing the cost of collecting.  But most use little or no text messaging or virtual agents – technologies that would be invaluable in meeting the challenges you face.

Read the Executive Brief “Better Communication: Success in a Constrained Collections Environment”

This brief discusses how banks and credit unions can overcome the challenges to implementing omni-channel communications and answers questions such as:

  • When should you use omni-channel versus human interaction?
  • How can data and analytics drive communication strategy?
  • Do consumers really prefer self-service channels?
  • For lenders that offer more self-service options, how should the role of human collection agents evolve? Where can they add the most value?
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