iSON Xperiences is ranked among the Top 3 notable accredited providers offering Specialised Collection Services, according to Everest Group’s Lead with Empathy report, 2024.
The financial landscape in the UK & Ireland is facing a perfect storm. Rising inflation, interest rate hikes, and the lingering impact of global events have put immense pressure on consumers, making it increasingly difficult for many to meet their financial obligations. In fact, UK household debt reached a staggering GBP 1.8 billion in January 2024, representing around 80.9% of the country’s nominal GDP.
This challenging climate demands a new approach to payment collections—one that prioritizes empathy and understanding alongside effective recovery strategies, a new approach exemplified by iSON Xperiences, and recognized by the Everest Group
Why Traditional Collection Methods Fall Short
Traditional debt collection tactics, often impersonal and even aggressive, are not only ineffective in today’s climate but can also be detrimental to a company’s brand reputation and customer relationships. Imagine being hounded by calls and threats during a time of financial vulnerability—it’s hardly a recipe for loyalty. Consumers facing hardship need support and understanding, not harassment.
As the latest Everest Group report on the UK & Ireland payment collections market emphasizes, a customer-centric approach is crucial. By treating customers with empathy and respect, businesses can build trust and foster positive interactions, even during challenging financial times.
The Rise of Empathetic Collections, powered by iSON Xperiences
This shift towards empathy is driving a growing trend: businesses are increasingly turning to Business Process Outsourcing (BPO) to refine their payment collection processes and elevate their customer experience. The UK & Ireland are at the forefront of this trend, with enterprises investing approximately GBP 2.2 billion in debt collection services alone.
Leading this customer-centric revolution is iSON Xperiences, recognized by the Everest Group report as a key player in the UK & Ireland payment collection services market. Our approach centers around three key pillars:
- Empathy and Understanding: Our agents undergo an intensive and extensive training regimen that focuses on treating every customer with respect and understanding, recognizing that financial hardship can happen to anyone. We listen to their stories, acknowledge their challenges, and work collaboratively to find solutions.
- Personalized Solutions: We leverage data modelling to develop tailored payment plans that meet individual customer needs as well as client profitability targets. This ensures solutions are both realistic and sustainable, fostering long-term financial well-being and reinforcing loyalty sentiments..
- Digital-First Approach: We utilize cutting-edge engagement technology, including AI-powered chatbots and self-service portals, to provide customers with convenient, always-on convenient and accessible payment options. This empowers them to manage their finances on their own terms, reducing stress and improving engagement.
The Benefits of Partnering with iSON Xperiences
By partnering with iSON Xperiences, your business can leverage our innovative expertise and technology to:
- Improve recovery rates: Our proven strategies and customer-centric approach drive consistent results while minimizing financial risk.
- Enhance customer satisfaction: We help businesses build stronger customer relationships by creating and enforcing positive user experiences throughout the tailored payment collection process.
- Reduce operational costs: Outsourcing payment collections allows businesses to streamline operations, reduce overhead, and free up internal resources, contributing to a lower cost of collections.
- Focus on core competencies: By entrusting payment collections to experts, businesses can dedicate more time and resources to their core business functions and strategic initiatives.
The Future of Payment Collections is Here
The payment collections landscape has been forced to evolve rapidly due to shifting customer engagement demands. Whilst technology is often cited as the panacea, iSON Xperiences has elevated its approach by embracing empathy whilst, leveraging technology, and prioritizing customer experience design. Now, businesses of all sizes can navigate this changing landscape successfully while building stronger, more resilient customer relationships.
At iSON Xperiences, we’re proud to be at the forefront of this evolution, empowering businesses to achieve both strong financial results and exceptional customer experiences.
