Challenger organisations across many sectors are promoting easy-to-access, flexible customer service as a differentiator with their more traditional competitors and in the process, are altering the scope and nature of those services across the board.
When it comes to collections there are two pertinent questions for customers going through the process, does this company value my custom even when I’m going through a difficult period in my life? And secondly, are they interested in my custom in the long term?
The associated shame and anxiety of being in debt raises the emotional stakes of the customer relationship, creating a tension that can be counterproductive to both parties. It is not so long ago that the process of collecting debt would have taken little account of this but several factors have changed: the rise of consumer voices on the internet, increased regulation and a culture of changing providers.
Can the level of service offered to customers in arrears become a point of differentiation that helps to retain customers?