Why customer care is important in the debt collection process
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If the customer is King, then customer care is the pampering that keeps the king coming back to sit on his throne. Keeping people or even better the ‘person’ at the centre of all decision making and being a customer centric business will help collections teams execute strategies and hit targets.
In our six crucial competencies of a DCA series we dive a little deeper into why customer care is such an important asset to the debt collection process.Want to know more? Here’s our Tech & Services brochure

1. Understand the customer; they’re unique

2. Protect them from harm
It’s never been more important to be customer centric when working in the collections industry – the suggestion of vulnerability is highlighted by the current circumstance. There are many reasons why people might find managing their debt problematic and they’ll need to be supported by specialised and trained agents experienced in dealing with their specific circumstances. Qualified agents understand not all vulnerabilities are the same, they can range from financial mismanagement through to physical and mental health issues. It’s important agents are skilled at actively listening to customers to treat them sensitively and fairly.
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3. The bottom line
Another extremely important benefit of great customer care is that it will help you get better financial returns.
Customer centricity also has a better chance of rehabilitating debtors as well. It is estimated to be 5x more expensive to acquire a new customer than it is to retain them and a 5% increase in customer satisfaction can lead to a huge increase in ROI through repeat purchases. So, focussing on your customer relations at every touchpoint, including collections, will help them stay and engage with the brand.
In the social media age, your brand and values are currency and it’s never been more important to showcase your customer-centric values because now, both good news and bad travels at the speed of a button push.
It is imperative to your bottom line that your brand is shown in the best light possible with your customers. It will often result in whether or not you receive repeat customers and in the influencer age we live in, result in new customers through referrals.