CSA Webinar: Changing The Face Of Collections
In our recent webinar with the CSA two of our Co-Founders Gareth Bailey and Martin O’Donnell talked about the background of DebtStream, why we exist and the current landscape in Collections.
Utility companies are first in line for bad publicity these days. High prices, complaints, long wait times to speak with them and large profits have all combined to create a feeding frenzy for the media.
I have had the pleasure of working with and knowing a great number of people across the Water and Energy industries and they are some of the most caring, customer centred, passionate and motivated people. They want to help customers and feel frustrated by the way they are perceived to the outside world.
So if this is all true why are some better than others? Why do some Water and Energy companies have less complaints or seem more engaged with their customers. And ultimately these companies are in better financial shape.
Lets talk about these 3 things in more detail…..
Having flexibility with your technology starts with a long term view on the technology that supports your business from onboarding your customers to when they leave. Equally having a great relationship with your technology team is vital. You should be involved in all technology conversations linked to improvements and purchases…..even better if the strategy changes so collections technology can sit within the collections team.
However technology alone without a good understanding of the customer landscape and how/when and where your customers want to engage with you. Digital is preferred by so many customers, but an omni channel approach would be more suitable if you support a broad customer demographic.
Equally, you need to help your teams align with the technology. They are the frontline when it comes to testing, breaking and improving new technology as well as helping your customers navigate and utilise your channels.
Now, let’s get into the strategy and how you can test its strength. For me there are two measures to consider:
As a leader spending time with your teams and asking open questions will always pay dividends when you are evaluating your strategy.
The final piece of the jigsaw to consider in how you move from trying your best to being great is your recruitment, culture and training.
In short this is how you attract, look after and develop your people.
Stating the absolutely obvious this is not about using recruitment teams and having fruit or pizza Fridays.
Keeping it simple, this starts with making sure your job adverts are matched to your values. Do they encourage people to apply with exciting, inclusive and collaborative language or are they put off with a long list of demands. Oh and put the salary range on the advert…as so many others before me have said “if the salary is that competitive why not display it on the advert”?
Equally if you are not offering a minimum of hybrid working you will be missing out on the best talent and will restrict yourself to your geography. Having people work where they want and when they want is easier than first thought and the very best in the industry are succeeding because of it.
Your culture is what will get your people to stay, whilst exceeding their potential. I think the fundamental building blocks of a great culture are:
Another quote I love is,
“ “the CFO asks what happens if we train our people and they leave, to which the CEO says, what if we don’t train them and they stay”?
”
If you do not have a great training programme that allows your team to keep developing you are wasting resources and slowing down your growth. It really is that simple….if you have a clear roadmap of learning and development (ask your teams the question rather than answer it for yourself) for your organisation it will be an investment that will keep repaying you.
It is a rewarding journey for leaders as much as it is for the bottom line of the business and very quickly you will see how much people want to work for you and the business.
If you are looking for a digital platform that can integrate into your existing collections or CRM systems, then give DebtStream a look. With out of the box end-to-end digital collections wrapped into a neat SaaS solution, you can quickly join the market leaders with a very powerful digital collections solution.
In our recent webinar with the CSA two of our Co-Founders Gareth Bailey and Martin O’Donnell talked about the background of DebtStream, why we exist and the current landscape in Collections.
On Episode 11 of our Unwrapped series Martin O’Donnell caught up with AJ Davison from Acquired.com.
Focussing on the power of payments in improving the customer experience within collections, and touching on AI including Apple Intelligence.
On Episode 10 of our Unwrapped series Martin O’Donnell caught up with AJ Davison and George Boot from Acquired.com for a joint Podcast.
Over the last year, DebtStream and Acquired.com have formed a strong innovative partnership that continues to grow!
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Collections, Made Digital
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Collections, Made Digital
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