Ways to Improve Debt Recovery NSW Service in Coming Years

Due to Covid-19 pandemic, this year, 2020 went unnoticed in terms of business activities and the debt collection industry was also hugely influenced by the same. Now as the year end approaches, people from debt recovery NSW agencies are gearing up for summing their business all over again keeping Covid-19 safety guidelines in mind. At the same time, they plan to improve their business and for this, they have new plans, new strategies and new business ideas in mind. Here in this post, we have tried to cover some new strategies that these agencies plan to use to improve the quality of their debt recovery services. But before that, let us quickly understand some trends and changes that this sector has experienced over the years.

•   Despite a 28% drop in voice calls, they are still at the top of the list of debt collections using telephones. 

•   Rising stars are whatsapp and videos, which have seen a huge increase of almost 82%.

•   Debt recovery NSW professionals now focus more on improving customer satisfaction, agent training and technological change.

•   Customer satisfaction has become the most important metric in debt collection

•   They now prefer using systems, flexible enough to accommodate both traditional and new channels. 

In the coming years, data management and the way it is used in the process of debt recovery NSW is going to be the game changer. The reason is that in this industry, there is a very serious need of executing a strategic operational approach that relies heavily on analytical insights and models

Apart from data management and usage, one more thing, i.e. analytics is going to be a defining factor in the success of this sector in the coming years. 

The reason is that in the past too, analytics have been the base or the foundation of a high quality operational efficiency of the experts of every debt recovery agency.

In terms of analytics, experts say that in its absence from the process of debt recovery NSW, the agents will be totally deaf and blind and unable to build contact with debtors.

In the coming years, each debt collector agency will work to give an even better customer satisfaction to their customers and clients. For this, they will not mind taking a number of steps like those listed below.

•   Dedicated agent training focused on communication, education, and dispute resolution

• Customer communication choices (electronic communication, self-help communication, artificial agent communication)

•   Customer strength understanding and resolution (restructuring, bespoke payment amount, bespoke settlement proposal)

Experts from debt recovery agencies say that equal emphasis will be there of employee satisfaction and keep them motivated all the time. The reason is that the role of collection or recovery agents is really hard and they have to work really hard, mentally to bring success and thus, revenue for the business. Therefore, their contentment or satisfaction is very important for the debt recover agency keeping their retention in mind. For this, several steps can be very helpful like – 

•   Determining how is it more satisfying for agents and reduces the turnover of higher staff?

•   Expectations: Should be clear on what is required from agents on a day-to-day basis

•   Provide tools to achieve the expected results and to observe yourself in a living environment

•   Make sure expectations are reasonable, attainable, and data-based

•   Decide what types of systems are best for working every day

•   Use the colour psychology cycle to brighten up the workplace

•   Bring multiple systems together in a single user interface and simplify daily tasks

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