The COVID-19 Pandemic has triggered an imminent credit crisis and the worse is yet to come. Loan loss provisions have skyrocketed, delinquencies and charge-offs will begin to mount. This panel will discuss how FI’s are in a unique position to be heroes as consumers and small businesses try to navigate these challenging times.
Managing the Customer Journey and creating a positive Customer Experience (CX) should not end when a customer enters collections. By applying marketing principles to the task of collecting, FI’s can hone-in on critical motivators that compel action. Rather than serve one party’s need to collect, a marketing orientation focuses on satisfying the other party’s (i.e., the debtor’s) needs. By identifying and leading with those drivers, FI’s can connect with debtors in a whole different way, and generate better bottom-line results, faster.