In the past, debt collection was all about performance. Recovery was the key metric for delinquent and default accounts. Today you don’t want to focus entirely on recovery rates and overlook the possible problems created by collection practices that lead to customer complaints and compliance issues — not to mention damage to your reputation and brand. The entire tone of the debt collection and ARM process has changed. Creditors look at revenue goals within the larger context of customer relationships. You have to keep pace with those changes or risk losing valuable customers with new and different expectations about how they want to be treated. ARM doesn’t have to be a trade-off between revenue and customer loyalty. The right approach can treat customers in a caring and informative way that protects the customer relationship while still driving increased receivables.
This eBook includes insights and best practices that reflect new perspectives about the collector-customer relationship.