4 reasons you need digital customer portals in debt collection
Continuing with our Technology in Debt Collection series, one of the most successful digital touch points (or tools) in the digital customer journey in debt collection we’ve discovered has been our customer portal, myCRS.
In general, portals provide customers with a single point of access 24 hours a day, 7 days a week, to important information such as online payments, account management and regulatory policies.
In the past 12 months, we’ve seen an increase of 122% in traffic to the platform and as this number continues to rise it has provided us with valuable insight into the changing habits of our clients’ customers.
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In this blog, we explore the top four reasons you need to partner with a DCA that will offer state of the art personalised customer portals for your debtors.
Let’s take a look under the ‘hood’…
1. Customers want them
In many industries, the customer and their experience are becoming the main drivers behind business strategy, and in an industry where the customer is king, it’s never been more important to provide them with what they want.
The on-demand world in which we live has meant we don’t have the patience to wait for things and modern technology has provided us with solutions to execute instantly, 24 hours a day, 7 days a week, 365 days a year on desktops or mobile devices such as tablets, laptops and smartphones.
In debt recovery, customer portals are quickly becoming the communication preference of choice as it offers access to manage debt at a convenient time and place.
Portals like myCRS are in demand because it empowers the customer offering them to take control of the debt and find a solution that works for them. Our data suggests that for the customer it is no longer ‘nice to have’ portals, they’ve now become a must.
2. They’re self-servicing
One of the strongest benefits for our clients’ customers is they know they can fully self-serve online through their customer portal, without the need of ever having to speak to a member of staff on the phone.
For many customers, this helps by offering them a way to keep all relevant information, like transactions and compliance policies in one place, controlled and managed by them. It also offers customers the opportunity to avoid the anxiety of discussing personal debt with another human.
What our customers say:
“This is so much easier to use than phoning. I suffer from anxiety and the thought of having to phone someone to sort something like this out really worries me, but doing it online just takes the pressure off”.
3. They’re user-friendly
Customer portals have become increasingly user-friendly. By keeping the customer at the centre of all decision making, our myCRS is simple to navigate and with the inclusion of chatbots and live chat with customer services representatives, meaning any roadblocks uncovered are generally removed easily.
As well as being a resource for customers to retrieve important data like policies or transactional history, portals offer the ability to pay off their debt in full, create a payment arrangement that works for them and inform us if there is the involvement of a Debt Management Company. This allows for a seamless working partnerships between all stakeholders.
4. They allow focus
Customer portals can also offer brilliant by-products; helping reduce waste and allowing staff to focus on what’s best for the customer. Once data has been gathered and where needed, human support can be offered, teams can work towards targeted outcomes that work for all stakeholders.
This is especially important when customer portal technology identifies vulnerable customers. Having the ability to flag and then redirect vulnerable customers to the correct support team is an integral part of inclusive customer experience strategy making sure the customer is kept at the forefront of decision making.
Final words from CRS
The technology revolution is here, and it’s because of this that a ‘New breed of DCA’ is emerging. One which recognises that traditional collections techniques, and a one-size-fits-all approach, are outdated, ineffective and sometimes noncompliant.
We have focussed on bringing together the finest technology, processes and people to help develop our industry-leading customer portal myCRS.
myCRS allows us, on your behalf, to build trust by gifting customers the responsibility of controlling their accounts. They can view historic statements, transactional history, set up payments and complete income and expenditure calculations.
We also trace and map digital customer journeys, helping us to spot ‘abandons’ which allows us to signpost and navigate the customers towards further support.