Many customer-facing businesses spend a significant amount of time and energy designing and delivering perfectly crafted customer experiences. This is because customers in the digital age can interact with a practically endless list of companies. As a result, they are more likely to react negatively after poor customer experiences. If these experiences are then amplified on social media, the business could suffer significant damages in brand value and customer perception.
A survey conducted by PwC revealed that more than 30% of customers leave a brand following a single poor experience, while the vast majority (92%) would permanently abandon a company following two or three such experiences.
In a bid to keep their customers satisfied, companies in a variety of industries have turned to AI-powered software to improve their ability to communicate through mobile platforms and deliver high-quality customer experiences. Here are five ways technology can help businesses maintain a high standard of customer service during the collection process.
How to use technology to deliver consistently positive customer experiences
Empower customer service representatives to personalize outreach
When communicating with their customers, businesses still rely on standardized scripts and outdated methods of outreach. While this works to ensure compliance and to get the necessary information across, it can be difficult to quantify the success of this approach for individual clients.
For example, customers who consistently pay their accounts one week after the due date might not appreciate receiving repetitive letters about their outstanding balances each time. With advanced behavioral analytics, businesses can identify patterns in the customer’s behavior and communicate to them based on their specific circumstances, customizing their approach to each customer.
Ensure consistency across channels with white label software
When engaging with customers in retail or business environments, companies use logos, carefully crafted language, and even colors to create a consistent image of their brand. This is well worth it since consistent representation of a brand can increase sales revenue by more than 30%. This consistency is threatened when businesses utilitize 3rd party servicers and collection agencies.
To maintain a consistent brand image across platforms while successfully managing the intense resource load of customer liaison, business leaders can partner with white label technology providers to help them automate tasks associated with collections.
Engage with your customers on their preferred platforms
As younger, digitally native customers begin to engage with businesses, they expect to receive communications through modern means such as email and SMS. This creates a challenge for businesses that wish to continue engaging with older customers through more traditional methods such as phone calls, letters, and voicemail. This divide exists even beyond demographic differences, with high-risk customers preferring a more personalized approach to communication compared to low-risk customers.
As a result, it is crucial for businesses to adopt an omnichannel approach to client communication and engage customers where they are more likely to have a positive interaction with the business.
Allow customers to personalize payment plans
A recent consumer credit review by Experian revealed that the average American has over $90,000 of debt. The large amount means that the collection process for such loans is conducted over years rather than days, and customers might have inconsistent or reduced income at some point. During periods of lower cash flow, a rigid and inflexible payment schedule can be very stressful for the customer, potentially causing them to reevaluate their relationship with the brand.
To avoid this outcome, businesses should provide customers with the ability to adjust and personalize their payment plans in the event of unforeseen circumstances. Using intelligent software, businesses can even offer a range of payment options that meet the specific financial circumstances of each customer.
Enable easy information sharing between stakeholders to prevent communication breakdown
In many ways, the lending industry is still inefficient and unproductive. Company representatives are constantly making phone calls to reach the right contact, information is shared at different speeds depending on the medium, and significant resources are spent ensuring that customer data is updated and clean. As a result, the customer’s communication with the account receivables representative is often disjointed and inefficient. Integrated communication and information sharing platforms allow both parties to share documents and data in real-time, ensuring that the interaction is as efficient as possible.
Ultimately, businesses that wish to maintain a positive brand reputation have to recognize that each customer is unique and needs to be treated as such. With cutting-edge software, businesses can use the power of AI to customize each customer interaction and ensure that every customer is satisfied.
To find out more about how your business can protect your brand through efficient, personalized, and valuable customer experiences, schedule a demo with us today.