If You’re Not Going To Do It Well, It’s Better Not To Do Digital Collections At All

I’m pondering a dilemma: one bank posts a 1300% increase in their digital collections performance over a three month period while another posts such dismal results from their online payments site that they finally conclude “digital collections doesn’t work”. Since they’re both collecting from prime credit cardholders with roughly the same balances, both with nationwide portfolios of consumers — one can only assume that it’s not the CONSUMERS who were causing the performance difference…

You observe it all the time: the auto-attendant system that seamlessly just works to improve your chances of resolving whatever issue caused you to call one bank, versus the incredibly annoying experience of answering all five of the IVR’s questions (including keying your sixteen-digit account number), only to be transferred to a pleasant-sounding but clueless bank customer service agent who starts in with “may I have your account number, please?”. Again, it’s not the CONSUMER who is at fault when one application makes the customer experience a breeze while the other just reinforces our worst notions about that lender…

No, the fault here clearly lies with the bank (and possibly their technology supplier) that hasn’t really understood and embraced the power of digital collections to transform their customer-facing business process. We have loads of experience helping our clients to avoid the miscues that are causing other suppliers’ customer rolls to atrophy – let’s talk about how to manage your customers’ experiences for the better. For their betterment as well as your bottom line’s.

To learn more about how Katabat (formerly CMC’s) solutions could help your organization please call us at 302-830-9262 or email info@katabat.com.

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