Loading...

Debt collection and the customer experience

Published: November 30, 2017 by Guest Contributor

For most businesses, the customer experience is at the heart of every strategy. Debt collection shouldn’t be different. Here’s why:

  • 21% of visits to an online debt recovery system were made outside the traditional working hours of 8 a.m. to 8 p.m.
  • Of the consumers who committed to a repayment plan, only 56% did so in a single visit.
  • PricewaterhouseCoopers reported that 46% of consumers use only digital channels to conduct banking, avoiding traditional offline channels.
  • Conversely, data collected by Gallup between 2013 and 2016 showed that 48% of American banking customers would only consider using a bank that offered physical branches.

The debt collection process is an often-overlooked opportunity to build customer relationships and loyalty. Leverage data and technology to replace outdated approaches, minimize charge-offs and create environments that value each customer.

Learn more>

Related Posts

In this episode of "The Chrisman Commentary" podcast, Ken Tromer and Ted Wentzel discuss how Experian Verify ensures price transparency.

Published: March 26, 2025 by Ted Wentzel

Discover how data analytics in utilities helps energy providers navigate regulatory, economic, and operational challenges. Learn how utility analytics and advanced analytics solutions from Experian can optimize operations and enhance customer engagement.

Published: March 10, 2025 by Stefani Wendel

Scott Brown, Group President at Experian, recently presented at Reuters Next on the power of AI innovation in financial services.

Published: December 13, 2024 by Brian Funicelli