Maximize Your Debt Recovery Goals with Better Data Management

Key Post-COVID Consumer Debt Impacts

In a digital-first world, strong data can provide a deeper understanding of your customers; their financial history, their preferences, and behaviours. Well-managed data can provide remarkable insight into a customer's preferred methods of engagement, and meeting your customers where they want to be directly impacts your debt recovery goals.

Using data to optimize the debt recovery process

Knowing your customer enables you to understand how customers are behaving and how your organization can guide them through the collections process. There are a few key ways to leverage data to maximize debt recovery:

Understand Your Customers

Using a typical one-size-fits-all approach is no longer sufficient. You need to develop tailored strategies that reflect the customers’ needs and situation.

Leverage Your Data

Data analysis will shed light on how customers want to interact: type of messaging, channel delivery method, whether they engage on the phone or via the digital platforms you have created. Assess your customers’ data to understand what information you have and are collecting. Analyze the data for insights.

Segment Your Customers

Segment customers based on the insights, using different strategies for each segment and create tailored communication approaches and messaging.

Monitor Performance

Track your collections performance to see how well your messages are working. Assess their behaviour and adjust your messaging and methods accordingly.

Optimize Your Debt Collection Process

Key to the success is constant monitoring and real-time adjustments in your communications to ensure you are in a constant state of learning.

Data management tips for collections teams

1.  Centralize your management platform

  • Create a unified view of your customers.
  • Store your customer data in one place and enable the teams to see a complete view of their customers’ preferences, behaviour, financial context, and types of debts they have.
  • Use a collections and recovery platform.

2.  Ensure your customer data is kept current

  • Train your teams to understand your customers’ data and what they need to look for, how to analyze it, and how to put these insights into action.

Set your business up for success in this digital environment

The big question that you need to ask yourself as your look to leverage digital to optimize your debt recoveries is do you have the internal infrastructure to develop and manage this process?

Customer data collection is a complex opportunity. On the one hand, this information is valuable and if well managed, can provide incredible insights that can be leveraged. On the other hand, the data you collect is highly sensitive and requires levels of compliance and ongoing management. One of the big questions you need to ask yourself is whether or not you have the organizational infrastructure to take this on. Consumers are creating more and more data with every passing day, so your collections department needs to implement the right tools as quickly as possible. This will ensure that they can store, analyze, and put this data to good use—while avoiding any costly privacy violations.

The Wrap

Managing your receivables is an important part of business, just like other assets. Receivables should be managed properly, and it can sometimes be a difficult task to manage internally.

Outsourcing your debt recovery can offer some smart and timely alternatives. Canaccede Financial Group is the largest multi-asset acquirer in Canada. we provide both debt servicing and purchasing solutions. Our expert valuation team can work with you to size the debt recovery potential for your organization. If you, or someone on your team, would like to find out more, please contact us at .

To find out more about CFG and how we can help, click here.

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