Customer Experience is Impacted by Collections
The customer journey does not stop at default. Recovery is part of the overall Customer Experience and plays a key role in client satisfaction and retention.
As someone who is responsible for Customer Experience (CX), you know it’s important to have a hand in every customer interaction, from onboarding to ongoing support. But what happens if a customer misses a few payments and is sent to collections? Do you know what happens there? How can you be sure that the CX is consistent? What role do you play in the potentially worst part of the customer journey? If you don’t know, it’s time to find out. The impression a customer gets during recovery can impact your brand and your bottom line more than any other area of the customer journey.
We all know it’s cheaper to retain an existing customer rather than earn a new one. This is true even when customers fall behind in their payments. A good recovery strategy can help retain customers while improving the relationship so they will continue to support your brand. A single bad customer experience shared on social media can irrevocably harm your efforts to attract new clients.
There is an opportunity for organizations to view collections and debt sale differently, and to ensure that the customer experience is measured and improved across the entire customer journey from start to finish.
EverChain believes that the measurement of customer satisfaction across the entire journey should include the collections process. That’s why the EverChain solution goes beyond optimizing recovery to improve the client relationship and help enhance your business’ bottom line and brand reputation. Connecting the dots between the stages of the customer journey, including default, is essential to ensure that customer satisfaction is maintained, and brand reputation is not damaged.
33% Of organizations described their customer life-cycle, including internal collections & recovery, as “fully integrated”.
93% Of those surveyed described their organizations as customer-centric BUT…
25% Believed collections, recovery & debt sale weren’t viewed as important elements of the overall customer experience.
* These stats were sourced from Lowell’s Debt Sales & Collections Industry Report