Traditional collections contact strategies have been one-size-fits-all, but that model is quickly changing
Historically, collections contact strategies don't operate that way. Almost kind of bespoke use case that's out of scope of all those sort of consensus type thing that's probably gonna change.
So I guess one of the challenges as we kind of move from navigate through that journey work with lenders is how do you build strategy that incorporates all these behavioral tactics. But you've got less data because you can't use e-mail or you can't use SMS. I can only use call, you can use push notification and how do we kind of navigate through those waters? So I think there's some change coming communicating by to customers by certain channels based on their consents that they want to be responded to or spoken to via e-mail or SMS or push notification. Don't call me that sort of things.
I mean, in this space, I think we're probably working towards, I think systemic restraints aside, we're almost working towards a bespoke treatment, bespoke strategies by customer. Obviously we talk about how medium, low risk imitation, talk about the archetypes or probably reach a point where you interact with customers almost on their unique level based on the time, the channel, the offer. I think eventually we'll get down to that level probably where we will be.
We can also probably apply some of the journeys. So digital self-service, I mentioned that as well. Again, that's very generic. It's kind of one size. So in terms of the treatments that you offer, the language that you use, the way in which you present that, there's certainly a use case to apply some of this behavioral science into that world in the future too.