Taking collections to the next level
Customer-centric approaches to default management feature innovative business processes and technology to achieve significant gains in both customer loyalty and operational effectiveness. Companies using this model can achieve better returns while improving the customer experience. This view is shared by many executives, as evidenced by CGI’s survey of over 20 leading financial institutions and communications firms on their current goals, challenges and opportunities in default management.More than half of survey respondents said they have customer-centric initiatives planned, underway or completed.
The primary drivers these business leaders indicated for pursuing this approach were:
- Retention—creating a better customer experience to produce better customer loyalty
- Efficiency—using a holistic approach to improve customer interactions and reduce costs
- Effectiveness—collecting a bigger share of available dollars, sooner, reducing write-offs
- Compliance—making it easier to comply with contact limits and Single Point of Contact requirements.
