EXUS Collections & Recovery Blog

The 3 top collections customer services mistakes and how to avoid them

Posted by Theodore Kavalieros on Tue, Sep 05, 2017 @ 09:00 AM

Half of success is learning what not to do. And there are plenty of mistakes made during the average day of collections work. However, there are three top mistakes that do the most damage to customer service levels. 

Poor Communication

Collectors that don’t communicate well don’t collect. It’s as simple as that. Today’s customers use multiple online and offline channels to communicate and transact. They expect collectors to meet them where they are.

When collectors do contact customers, they must strive to communicate in a polite, professional way and in a manner that’s consistent with the rest of the organization’s messaging. Many organizations fail here because they don’t use centralized communication scripts.

Limited Approach to Offers

The goal of any modern collections department should be to make the right offer to the right customer at the right time. Unfortunately, many organizations fail to exhibit flexibility towards that end. They use a one-size-fits-all approach to settlements, no matter the customer or debt situation. This drives away customers and restricts the number of possible settlements you might be able to achieve.

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Tags: collections and recovery

When it comes to debt collections, mobile technology can bridge the gap between banks and their millennial customers

Posted by Chris Maranis on Mon, Sep 12, 2016 @ 01:18 PM

Several years on from the world financial crisis, banks still have to deal with its consequences. Besides the financial impact and the damage to their reputations, banks have had to learn to operate in a new world – a world of flat economies and rising levels of customer debt. Non-performing loans have increased and customer indebtedness, in general, has been seen to have a significant effect on the banks’ net profitability. Increasing collection costs, growing bad debt write-offs, and the requirements for higher provisions against loan losses have all combined to make managing credit loss a key business driver, with a direct impact on the banks’ profits.

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Tags: collections and recovery, Self-Service, Collection and Recovery Software, collections, non-performing loan

How Banks Need to Respond to the Rise in Non-Performing Loans

Posted by Chris Maranis on Mon, May 02, 2016 @ 02:07 PM

We all know the global financial crisis changed retail banking as usual. Investor confidence and credit availability plummeted. Consumer debt levels rose. Economies flattened worldwide.

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Tags: collections and recovery, non-performing loan

How to Manage Complex Delinquent Credit Cases

Posted by Nikos Lambrou on Wed, Jan 14, 2015 @ 10:28 AM

Not all delinquent credit cases are created equal.

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Tags: collections and recovery, Collection and Recovery Software, collections, complex delinquencies