Transacting vs. Conversing: The value of authentic communication in collections

We’ve all been on Zoom calls this year in which real life has made its way into a business meeting. You see a toddler’s hand reach across the screen or a cat trying to jump onto a keyboard while someone is giving a presentation, and you realize—we’re all humans who are doing the best we can to adjust to and carry on with our lives in the midst of a chaotic year.

The humanizing element of getting a small peek into peoples’ world for a moment has me thinking about the importance of authentic connection as it applies to financial institutions communicating with and supporting their account holders.

How often do we spend time with an account holder and only complete their requested transaction? It’s our responsibility as financial service providers to “have a conversation” and determine our borrowers’ other financial needs, especially if that conversation could help a financially burdened borrower avoid going into or get out of arrears.

In this blog post, we’ll discuss the difference between transacting and conversing, and give you tips for how you can use authentic communication to improve your institution’s collections efforts.

 

continue reading »

More News