The economy is accelerating at a sluggish pace, and world headlines cause business leaders to swing between optimism and pessimism daily. Businesses must look more closely and much more frequently at their customers’ behavior to stay ahead of emerging credit problems. Success comes from discipline and commitment to the following steps:
- Use all customer information when making decisions. Combining both internal and external data can paint a clearer picture of your customers.
- Identify the customer relationships that have value and should be retained. Apply resources accordingly.
- Implement daily triggers so you have the latest customer information around bankruptcy, repossession or loan delinquency, as well as positive information such as payments made to other financial institutions.
- Use next-generation collections software to keep collectors up to date on account-level strategies.