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Since Cabot seem keen to slap themselves on the back at every given opportunity, I've decided that it's time we gave them a helping hand and publicised their musings. To that end, I'll pop the occasional press release and article up as it becomes available.
Please note that this is all in the Public Domain, and as such, Cabot cannot claim copyright or any other legal nonsense. See the original content HERE.
Ken may however, have issues with comments made after my posts. So please keep it clean, girls and boys.
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First up is an article from Andy Davidson, head of collections, back in July 2010, where he tries to convince us that Cabot are Really, Really Nice People who just want to help. Everybody say; "AWWWW"
Please note that this is all in the Public Domain, and as such, Cabot cannot claim copyright or any other legal nonsense. See the original content HERE.
Ken may however, have issues with comments made after my posts. So please keep it clean, girls and boys.
------------------------------- merged -------------------------------
First up is an article from Andy Davidson, head of collections, back in July 2010, where he tries to convince us that Cabot are Really, Really Nice People who just want to help. Everybody say; "AWWWW"
Why the "personal touch" is vital to successful debt collections
The strength and success of any collections operation lies in its people and the ability of its collections teams to engage with customers.
It is essential that collectors treat customers as people and not as debtors. It can be difficult to create a strong and personal relationship with a customer within a call centre environment, however collectors should always try to ensure that they are in a position to assist the customer in a responsible and empathetic way.
They may have to navigate through what is often a minefield of conflicting information to discover the truth of the customer’s circumstances. This is where the skill and "personal touch" of a collector comes into its own – they need to be able to differentiate between those customers who have genuine difficulties and those who are merely evading the repayment of their debt.
The strategy used to manage each customer profile is obviously different and may require collectors to display a range of abilities from listening skills, objectivity, relationship building and problem solving to taking a more resolute and persistent approach with evaders. However, this can be difficult for some collectors.
Clearly it is important that debt collection companies understand the different customer profiles and varied behavioural patterns and build these into their collections strategies. The ultimate goal being the reduction of any potential conflict and confrontation by closely matching employee capabilities to customer profiles.
This approach will create the right environment for collectors to engage with customers to earn their trust and find a reasonable resolution, without resorting to any form of intimidation. If a customer is treated fairly and with respect most will respond positively, enabling collectors to focus on finding the right resolution and leading to the establishment and maintenance of a sustainable repayment plan that is appropriate to the customer’s income and expenses. By focusing on the ‘personal touch’ and long-term solutions rather than short-term cash flow, debt collection companies are likely to benefit from lower payment default rates and improved relationships with customers and partners.
One of the challenges that the industry faces is the threat of further regulatory intervention from government relating to the rights of individuals and a greater focus on lender responsibility when issuing credit. The better the industry is seen to behave in dealing with customers, with independent auditing and self-regulation, then the less need there will be for government to feel obliged to intervene and impose solutions that may not be in the interests of the industry.
In addition, communications methods have developed enormously in the last decade and it is important that debt collection companies learn to adapt their operations, so that they engage with customers via a time and method that best suits them. This will enable the "personal touch" to be tailored to the customer and will lead to a better quality result.
By Andy Davidson, Head of Collections, Cabot Financial (Europe) Ltd
The strength and success of any collections operation lies in its people and the ability of its collections teams to engage with customers.
It is essential that collectors treat customers as people and not as debtors. It can be difficult to create a strong and personal relationship with a customer within a call centre environment, however collectors should always try to ensure that they are in a position to assist the customer in a responsible and empathetic way.
They may have to navigate through what is often a minefield of conflicting information to discover the truth of the customer’s circumstances. This is where the skill and "personal touch" of a collector comes into its own – they need to be able to differentiate between those customers who have genuine difficulties and those who are merely evading the repayment of their debt.
The strategy used to manage each customer profile is obviously different and may require collectors to display a range of abilities from listening skills, objectivity, relationship building and problem solving to taking a more resolute and persistent approach with evaders. However, this can be difficult for some collectors.
Clearly it is important that debt collection companies understand the different customer profiles and varied behavioural patterns and build these into their collections strategies. The ultimate goal being the reduction of any potential conflict and confrontation by closely matching employee capabilities to customer profiles.
This approach will create the right environment for collectors to engage with customers to earn their trust and find a reasonable resolution, without resorting to any form of intimidation. If a customer is treated fairly and with respect most will respond positively, enabling collectors to focus on finding the right resolution and leading to the establishment and maintenance of a sustainable repayment plan that is appropriate to the customer’s income and expenses. By focusing on the ‘personal touch’ and long-term solutions rather than short-term cash flow, debt collection companies are likely to benefit from lower payment default rates and improved relationships with customers and partners.
One of the challenges that the industry faces is the threat of further regulatory intervention from government relating to the rights of individuals and a greater focus on lender responsibility when issuing credit. The better the industry is seen to behave in dealing with customers, with independent auditing and self-regulation, then the less need there will be for government to feel obliged to intervene and impose solutions that may not be in the interests of the industry.
In addition, communications methods have developed enormously in the last decade and it is important that debt collection companies learn to adapt their operations, so that they engage with customers via a time and method that best suits them. This will enable the "personal touch" to be tailored to the customer and will lead to a better quality result.
By Andy Davidson, Head of Collections, Cabot Financial (Europe) Ltd
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