What is digital to me?

Digital allows you to connect to many of your customers, how they want, when they want, and where they want.

Digital can be everywhere; retail, service, insurance, medical, education, banking, property, and of course collections. Massive leaps in digital over a short amount of time was seen as a result of covid and there is so much more to come.

Digital should help reduce barriers and friction to service and make it easier for all.

Because isn’t helping what we do in our industry?

We work with people who for whatever reason, are or might become behind on their financial commitments and we play our part in their recovery and future. We can play the best part we can do, as an industry, by making it; easier, faster, more convenient, frictionless, and most suitable for the need of the customer. This is likely to be digital, on the phone or in person. It isn’t a one or the other, it is using all the suitable tools available to help the most with the best service.

Digital can help you reduce your headcount and cost of operation but digital also allows you, as the lender or servicer, the time and resource to concentrate on the people who don’t or can’t use digital services. The people who need the person to person contact for whatever reason; maybe they are without digital access, elderly, illiterate, vulnerable, or maybe at this time of their story they just need to speak to someone to work through their situation.

Sometimes the obvious isn’t so obvious, especially when as the consumer you feel like your back is already against the wall and the world is plotting against you. Recently Step Change Debt Charity made a post on social media, saying “Don’t sweep it under the carpet. Waiting only makes debt problems worse” and they couldn’t be more right. However, when you are behind on bills due to whatever reason and you are working every possible hour of overtime to bring in more cash, whilst still trying to care for your child, your sick relative, your own health and then you pick up that phone to call your creditors to hear “Our opening hours are 9am to 5pm, please call back another time”. A digital offering can help you reach a truly 24/7 service that gives your customer the tools they need to access your products and address any issues they may have.

Use all the tools in your toolbox

Carpenters a good number of years ago would have had a hand saw and drill. Then a corded saw and drill was developed, then over the last 5 years the cords were changed for batteries. This doesn’t mean the carpenter would just use battery tools, they will use the right tool for the right job. Fast and versatile or slow and detailed, they use the tool that suits the situation.