Financial Services

Are You Losing Good-Credit Customers to Suboptimal Debt Collection Practices?

2020 had a significant impact on families from many perspectives. Consumers who worked extremely hard to achieve coveted top credit scores were caught off guard and ended up having to rely on their savings to stay in good standings with banks and creditors.

Unfortunately, no one could predict how long the impact would last, and therefore those consumers fell into delinquency.

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With the government relief programs anticipated to end in 2021 and hopes of a quick return to stable and steady income levels, your customers need help.

Customer Loyalty and Retention Must Be Top of Mind!

Banks and credit providers need to adopt a new mindset for thinking beyond just collecting the payment. They should be asking themselves:

  • Do we have segmentation and data analytics to better understand who is delinquent?
  • What are my customers’ banking preferences, and what are their financial needs?
  • Do we have technology channels our customers can leverage without requiring them to speak with an agent?
    • It’s important to remember that not all customers are comfortable discussing their financial situation. They often feel embarrassed.
  • Are my call center agents equipped to counsel and educate our customers? Can we build lasting relationships that increase retention and ensure our customers pay us before others?
  • Do we have the ability to scale our collections process and teams to meet the increased demand of delinquent customers on the horizon?

We have skilled collection and loss mitigation experts in Perficient’s financial services practice. We would be happy to discuss how we can support your needs and help you retain your customers and build lasting loyalty. Please reach out to me (Byron.Gifford@perficient.com) for more information.

About the Author

Byron Gifford is Perficient’s lead business consultant for financial services. With an extensive background as an executive leader in the banking industry, Byron has helped several banks improve their loan losses, increase customer retention, and reduce operational expenses through modernizing their collections and loss mitigation process engines. Byron specializes in developing innovative and dynamic contact strategies, creating cultures that deliver a relentless focus on enhancing the customer experience and retention, and implementing automation for business manual processes.

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