TDX Group has been shortlisted for two awards at the Credit and Collection Technology Awards 2020, taking place on 19 November. Celebrating the best in lending and collections innovations, TDX Group has been recognised in the Customer Engagement Solution and Vulnerable Customer Identification and Screening Solution categories. This is testament to its work in developing fair, data-driven solutions for vulnerable consumers in debt.
TDX Group has further evolved its strategy so that the customer experience sits at the heart of how it delivers responsible collections. With millions of people facing debt problems because of the pandemic, TDX Group has recognised that threatening letters are not an acceptable or effective method of engagement. Its customer experience team has overhauled the suite of letters that land on the consumer’s doorsteps, changing the tone of voice to support potentially vulnerable people.
This new empathic approach encourages dialogue between the consumer and the debt collection agency. The aim is to foster a more open line of communication, taking the consumer on a journey, from talking about their options on the first contact through to the last communication focusing on the serious consequences of non-payment.
As part of this process, the team has addressed the many reasons why people aren’t paying off their debt. These range from not prioritising finances, feeling like they shouldn’t have to pay due to an outstanding issue to simply knowing they cannot afford to pay. In communications with customers, the team ensures all circumstances are covered, designing guiding principles and consistent messaging for the consumers.
An emphasis has been placed on the language used, with an intention to move away from threatening, confusing terminology and threats of court action. The language of all communications is tailored appropriately and delivered via the recipient’s preferred contact channels.
Beyond communications strategies, placement lengths are more flexible, and often extended beyond what’s typical in collections, to allow time to reach the optimal outcome for both the consumer and creditor. Where necessary, consumers can be guaranteed access to a specific agent managing their case. This continuity helps agents build rapport and leads to consumers feeling more supported; all of which is conducive to a more successful outcome.
As a starting point for all communications, the Customer Experience team has created a catalogue of letters, emails and SMS templates. These templates are used to build a suite of bespoke communications to fit each of their clients’ needs and requirements. Once approved, the messages are sent to the debt collection agencies to apply the relevant branding.
The Credit & Collections Technology Awards were launched in 2017 with the aim to reward technological innovation within the industry. TDX Group believes the developments they have made in their strategy and customer experience represents industry best practice and they are leading the way in improving the collections process.