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Changes afoot, a new pride in Collections and Recoveries teams 9 JUNE 2016

Changes afoot, a new pride in Collections and Recoveries teams

Working in collections and recoveries we have often been seen as the unloved part of the business:

  • Unloved by the customer – who doesn’t like being reminded to pay the bill
  • Unloved by the business – a cost of doing business, a necessary process at best
  • Unloved by the media – anyone close to the process understands the sensitive nature of the work. It is a balancing act to get it right

It can be a hard place to work, with demanding targets, stakeholders and objectives.

However, in collections and recoveries there is also a great spirit, a gritty determination to do the right thing and a camaraderie to rival many… and perceptions are now changing.

  • Changing to a modern collections approach, many customers are pleased to have honest conversations and have help with finding solutions to their problems. We have seen many instances where customer satisfaction is higher in collections & recoveries than customer care. A feather in the cap to any collections professional.
  • The importance of the collections process has been growing. With analysis of reasons customers fall into collections, businesses are understanding the true drivers of customer dissatisfaction and identifying broken processes upstream. Collections are becoming a litmus test, one that can measure the health of the business generating substantial value.
  • By providing transparent straightforward processes, customer choices and pre-empting situations before they escalate, collections teams are helping to minimise sensitive situations occurring and can better manage for the good of the customer and company.

Yes collections and recoveries specialise in difficult conversations, managing complex processes and many days are still tricky.

However, with modern good practices there is now a new energy in the industry, a call to action and the ability to do the right thing, for the business and the customer.

Chris Warburton, Lead Consultant

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