Great day and night at the Credit & Collections Technology Awards 2021 in Manchester yesterday! Thanks Colin White for hosting a superb event. Look forward to the next one.
It was a pleasure to share a table with the David and Kirk from Connected Data Company and David from Silicon Credit Management – good fun and great to be back out attending in person!
There were some great insights into the need for creditors to be proactive in finding the early indicators that can lead to customer vulnerability.
– Indicators allow investigation.
– Data will play a key role in enabling agents to have as much information upfront, to stimulate the conversation with consumers to enable positive outcomes.
– Technology will never replace the human touch that is needed when handling vulnerable customer situations, but it will help improve the process.
– There is a cost benefit to businesses in establishing vulnerability early.
– Customer circumstances will change throughout the lifetime of the loan, so ‘in life communications’ are needed as well as the ability to monitor changes in customer’s circumstances that can lead to vulnerability and further debt.
– We need to expand the way think about customer engagement and utilise as many communication channels as we can.
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