Introduction
In an era where personalisation is critical to customer engagement, the collections function for creditors must adapt to incorporate data-driven personalisation techniques. This strategy not only enhances customer interactions but also optimises recovery processes and improves overall customer satisfaction. This article explores the top 10 key elements required to effectively implement data-driven personalisation within a collections function, detailing why it is important, key considerations, and the expected benefits.
Why Data-Driven Personalisation in Collections?
Data-driven personalisation leverages customer data to tailor interactions and strategies, enhancing the effectiveness of collections efforts. In collections, this approach helps to identify customer preferences, predict behaviours, and customise communication methods, resulting in improved recovery rates and customer satisfaction. As collections increasingly move towards digital channels, personalisation beco...
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