Discover how blending empathy with AI-driven behavioral science transforms debt collection
When you're engaging with a customer and their past due, you gotta remember they're in a pretty vulnerable state. And we're not talking about some small percentage of the customer base, most large enterprises in banking, telcos and utilities, we're talking about 10 to 20% of the base. So losing them is not an option, right? It would sink a company.
So then you've got to think about it in that context and say, OK, these people are vulnerable. They're really, really important. I'm trying to save them. And I have two goals I'm trying to accomplish. I'm trying to cost effectively collect all the money that they owe me today, and I'm trying to maintain their loyalty and their value as a customer long term.
If all I do is demand stuff from them, I frankly compromise both objectives because the more aggressive you are, the more people retrench. There's a fight or flight behavioral bias that kicks in where people start to ignore you and get locked up and freeze and so they don't actually act sometimes when you start to yell at them all the time and yelling becomes less and less effective. Demanding becomes less and less effective. So in terms of the near term goal, it doesn't always work.
