4 Considerations to Ensure Digital Self-Service Success in Collections and Recoveries

Introduction:

Navigating debt collections and customer interactions can prove to be quite a task, especially with the challenge of limited data capture and the constant switch between self-service and agent-assisted interactions. However, by strategically implementing a robust digital self-service strategy, collections and recoveries teams can revolutionise their approach to customer interactions. In this article, we will explore four key considerations that are essential for ensuring success in digital self-service initiatives for collections and recoveries.

1 - Comprehensive Data Capture:

One of the most significant hurdles faced by collections teams is the limited capture of customer journey data. Often, only isolated pieces of information are stored, lacking the context needed for a holistic view of interactions. The solution lies in adopting a comprehensive data capture approach. Rather than saving singular data points, it is vital to record the entire sequence of events throughout the customer journey, capturing all data input and screen progression, using event sourcing to capture and store the full sequence of events throughout the whole customer journey. This approach enables analysts to query the "who, what, why, and when" behind every data point, providing granular and rich insights for improved business decision-making. Furthermore, with the immutable audit trail that event sourcing provides, compliance and governance concerns are effectively addressed.

2 - Intelligent Automation:

By utilising all the available data sources and ensuring comprehensive capture of new data, intelligent automation can be the driving force behind a robust digital self-service strategy. It enables the system to respond to triggers and react dynamically.? Micro indicators and data input can dynamically change the customer journey, lead them to appropriate advice, add them to hold lists, or route them through to specialist agents, all in real time. This ensures vulnerability indicators can be picked up and dealt with accordingly, enabling truly personalised journeys that deliver the best outcome for the customer. This ultimately results? in much more effective and efficient collections and recoveries processes.

3 - Seamless Transition to Agents:

A successful digital self-service strategy should seamlessly transition customers between self-service and agent-assisted interactions. Agents need to pick up where customers left off, equipped with the necessary information and available next steps, ensuring that customers have the same options available to them whether they self-serve or speak with an agent. This seamless transition empowers agents to offer tailored assistance, leveraging insights from previous self-service interactions, thereby reducing customer frustration and enhancing overall satisfaction.

4 - User Configurability:

Empowering users with the ability to create and update their own digital journeys is essential for success. This includes customising screens, forms, decision-making processes, parameters, tone of voice, comms templates, and timelines. User configurability simplifies A/B testing and drives innovation to achieve the best possible outcomes. By avoiding the need for IT or coding, user configuration ensures collections and recoveries teams can quickly adapt to changing requirements and customer feedback, enabling continuous improvement and a more agile collections and recoveries operation.

Conclusion:

Digital self-service holds huge potential for collections and recoveries teams. By addressing data capture challenges, ensuring seamless transitions, leveraging intelligent automation, and offering user configurability, organisations can unlock the benefits of a successful digital self-service strategy. By prioritising these four considerations, collections teams can transform their customer interactions, enhance decision-making, improve the agent experience and achieve superior outcomes for their customers.

Note

The Flexys approach to digital self service includes all of the above considerations, utilising a library of hundreds of tried and tested digital journeys to enable our clients to achieve value quickly.

If you would like further information on any specific use cases or journeys, then feel free to contact me at [email protected]?