Fancy a game of Hide & Seek?
Of course, this is only true should you be so inconvenient as to insist on retaining any level of control and/or oversight of your customers during this period of outsourced activity (or inactivity!).
So why is this such a widely accepted ‘customer journey black hole’?
With everyone blinded by the scramble to reach compliance utopia, it seems to me that many creditors may have fallen into a trap of accepting a lack of control and oversight as part and parcel of using an outsource partner.
Creditors aren’t the only ones to blame though.
DCA’s have historically been very guarded about their strategies and processes as they fight to maximise profit margins and although they have opened up in the last few years (coinciding with the creation/expansion of dedicated audit teams by the larger creditors), this is still largely true. Many remain extraordinarily nervous about allowing clients access to real time call recordings, activity logs, account notes and financial transactions – for many reasons.
Unfortunately, when it comes to the five million or so small to medium businesses (SME’s) out there – the country’s heartbeat – an already unacceptable situation very quickly gets an awful lot worse, with the ability to see what is happening practically non-existent in most cases. So what is the answer?
Well, there are solutions out there that can already give clients the ability to retain full control and oversight of their customers at all stages of a debt recovery process with extensive and user-friendly functionality such as:
Remote Real Time Control
- Pause/resume activity (e.g. query/complaint received)
- Close (e.g. account paid/closed/insolvent)
- Instigate trace (e.g. customer has moved address)
- Indicate ‘vulnerable’ (activates dedicated correspondence flow)
- Update balance
- Update Customer record information
- Add manual comments to customer record
- Instigate legal activity once collection cycle completes
- View activity due
- View exact activity target dates
- View actual activity completed dates
- View and audit every customer record
This is likely to become a hot topic, with regulators such as the FCA sure to take more of an interest sooner, rather than later.
Don’t be left standing alone in the dark after everyone else has stopped playing!