The debt collection industry is embracing change in a way that may be surprising to outsiders and it is due predominantly to the recent introduction of the FCA and its principles.
At the core of the FCA’s new principles the principle of ‘treating customers fairly’ (TCF). This principle underpins the new regulation is the focus of the new Financial Conduct Authority (FCA) launched in 2013. In a booklet published in October 2012 “Journey to the FCA”, they explained that in their new approach to supervision they will “be looking for firms to base their business model, their culture, and how they run the business, on the foundation of fair treatment of customers as set out in the Treating Customers Fairly (TCF) initiative.
You might imagine that old hands are being dragged, kicking and screaming, towards regulation by the new Financial Conduct Authority from next year however many organisations are embracing the new direction.
In the September issue of CCR, Robert Taylor, the head of internal collections at Lowell Group, points out that treating customers as ‘customers’ instead of ‘debtors’ is relatively new for the industry. With 11 million customer accounts, Lowell is, he says, data-rich.
For collection agencies from 2014 onwards it won’t be sufficient to purely comply with the new FCA principles; it will be imperative for them to be able to demonstrate their actions. Delivering customer satisfaction for clients also demands that collections organisations act with awareness of the reputational risk they face when contracting for debt recovery or selling on debt.
There are many business areas and touch-points in the customer lifecycle, that collections agencies need to focus on to be regarded as customer centric and FCA approved. The most important business area and one that will not only drive operational improvements, but allow collections agencies to demonstrate FCA adherence is actual customer feedback. This can be achieved through the use of a customer satisfaction or customer feedback survey platform.
Revive Surveys provides a unique and effective way of gathering customer feedback using interactive voice messaging, SMS, Mobile and Email all encompassed within one platform. Within the platform the 18 Months of extensive reporting will provide the demonstrative tools required for the new FCA principles.
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For more information on TCF surveys please call 0844 693 0244 to speak with a member of the team or click here to send us your details and a member of the team will call you back within one hour.