Lenders are focused on risk management while ensuring their teams are handling customers with genuine concern and empathy. We have mapped foreseeable challenges and solutions specific to loan account servicing. Go through this checklist to understand where your strengths and opportunities lie in enabling empathetic interactions, insights-driven communications and an agile approach to customer service.
Empathetic interactions
Challenge
Does your current account servicing approach allow you to
Handle sensitive conversations
Identify and support vulnerable customers
Handle distressed customers such as fraud targets with appropriate levels of care and sensitivity
Provide training to staff around handling sensitive conversations
Taking the emotional burden out of financial conversations
Use integrated digital communications e.g. email, text and chat-bots to reduce calls
Support customer communications with intuitive web-based self-service backed by human voice calls when needed
Create personalized communications templates with tacit empathetic messaging, verbiage and text
Insights driven communications
Proactively identifying and handling risky account and areas
Deploy AI and analytics to proactively identify risky activity
Adjust contact strategy across channels for at risk and secure customers based on their interactions
Use intelligent automation to reduce manual, repetitive tasks and free up colleagues to focus on high-value work
Adjusting operations and communications based on profile data
Define a tailored contact and collection strategy, suited to individual borrowers’ needs
Deploy machine learning to predict the best time, channel, and contact approach to drive engagement and collections
Use predictive modeling to forecast customer call and chat volumes and adjust resources accordingly
Agile approach
Agile solutions
Deploy machine learning to predict the best time, channel, and contact approach to drive engagement and collections
Reach goals by fine-tuning communications e.g. more or less assertive tone of voice
Scale support up and down to handle variable call volumes
React swiftly to increasing customer servicing needs e.g. with fast recruitment and training
Flexible strategy
Create a servicing strategy that reflects brand promise and customer needs
Turn servicing strategy into a set of operational-principles and day-to day practices
Be ready to pivot in response to customer needs and market demands
Checking all of the boxes is no easy feat to achieve. If after going through this list you have some blank boxes you’d like to address then we’re here to help. M. Allen and our partners are an experienced end-to-end customer service specialist with a range of solutions ready to meet lenders’ challenges. We offer:
Years of expertise to advise lenders on account handling strategy
Analytics and AI capabilities to help lenders refine their contact methodology
The technology to provide insights needed to balance empathy and recovery
Solutions that span digital and traditional channels to drive engagement and collection
To learn more visit our website at www.mattallendevelopment.com or connect via email at mslonaker@mattallendevelopment.com.
