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. 

Each development of tools improved speed, safety, and ease so have been introduced as the technology allowed. .

This is what digital is to collections, a right tool for the right situation. You should consider if you need it in your toolbox too.

 

Customer centric ingrained in values

 

A major factor in me accepting a role at DebtStream was how customer focused everyone is. Yes, it is a fantastic product at a great price, but it is the people behind the scenes that make it. Make it customer centric whilst still fulfilling the needs to the business. Every decision is done with a business head on and a consumer heart, every member of the team care as much about your customer as you do! I personally feel it is the way to do business, where the products offered are those that add the most value to the society we are all part of. I feel very proud to be part of DebtStream and what we are contributing to the financial industry.

 

In an ever-increasing globalised society where we currently seem to move from crisis to crisis. Each crisis is different and can hit anyone at any time, where the lives of anyone can be turned upside down in an instant. No one is immune. However, never before has the world been filled with so many opportunities and new solutions to make that world a better place. Digital won’t be the final solution; it is a solution we have now and still has so much more growth and value to come.

 

We should all consider how we use digital to improve our products for better business and outcomes for all.

 

Know more about our solutions here –  Our Products

 

Other articles

Product updates and insights, straight to your inbox

Sign up to get updates on our products, industry insights and to keep in touch with what we are up to at DebtStream.

By submitting this form, you agree to hear from DebtStream about our products and services (as per our terms and conditions and privacy policy). You can unsubscribe at any time.

Collections, Made Digital

Redefining customer-centric Collections & Recoveries solutions, driven by digital innovation.

By submitting this form, you agree to hear from DebtStream about our products and services (as per our terms and conditions and privacy policy). You can unsubscribe at any time.

By submitting this form, you agree to receive promotional messages from DebtStream about its products and services (as per our terms and conditions and privacy policy). You can unsubscribe at any time by clicking on the link at the bottom of our emails.

Collections, Made Digital

Redefining customer-centric Collections & Recoveries solutions, driven by digital innovation.

By submitting this form, you agree to hear from DebtStream about our products and services (as per our terms and conditions and privacy policy).  You can unsubscribe at any time.

Read our case study

By submitting this form, you agree to receive promotional messages from DebtStream about its products and services (as per our terms and conditions and privacy policy). You can unsubscribe at any time by clicking on the link at the bottom of our emails.