Lenders Checklist: Servicing capabilities for BBLS and CBILS accounts

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Coronavirus business loans, known as BBLs and CBILS, are different to run-of-the-mill commercial loans. In our blog The call for a new approach to CBILS and BBLS account servicing, we outline why servicing these loans poses unique challenges for lenders. And how to tackle these with an approach rooted in empathy, insights and agility.

Lenders risk missing the opportunity to address these challenges in a joined-up, strategic way by reacting to surfacing issues in a knee-jerk fashion. To prevent this, we mapped foreseeable challenges and solutions specific to BBLS and CIBLS account servicing. The outcome is this checklist. Go through this to understand where your strengths and opportunities lie pertaining to empathetic interactions, insights driven communications and an agile approach

Empathetic interactions

Challenge

Does your current account servicing approach allow you to

Handling sensitive conversations

  • Identify and support vulnerable customers
  • Handle bespoke profiles such as financially distressed account holders
  • Provide training to staff around handling sensitive conversations

Taking the emotional burden out of financial conversations

  • Reduce voice calls by using integrated digital communications via email, text and chat-bots
  • Support customer communications with intuitive web-based self-service backed by human voice calls when needed
  • Adapt personalized, empathetic and tacit verbiage on communications templates conveying to customers that you’re “here to help”

Insights driven communications

Proactively identifying and handling risky account and areas

  • Deploy artificial intelligence (AI) and analytics to identify risky profiles based on customer data and existing insights
  • Adjust contact strategy for at risk and secure customers to effectively use direct voice calls and digital channels based on their traction
  • Update customer risk profile based on their interactions across various touchpoints

Adjusting operations and communications based on profile data

  • Define a tailored contact and collection strategy, suited to individual borrowers’ needs
  • Deploy machine learning to identify patterns and predict the best time, channel, and approach to contact borrowers to maximise prompt settlement
  • Use predictive modelling to forecast customer call and chat volumes and adjust resources accordingly

Agile approach

Agile solutions

  • Adapt to changing customer servicing needs by adjusting balance of voice to digital
  • Fine-tune communications to meet specific goals e.g. adjust the tone of voice to be more or less assertive
  • Scale support up and down to handle surges and lulls in call volumes
  • React fast to growing customer servicing demands e.g. by recruiting and training additional staff

Flexible strategy

  • Create a customer servicing strategy that reflects brand promise, vision and mission as well as customer needs and wants
  • Turn servicing strategy into a set of operational-principles and day-to day practices
  • Roll out action points while remaining flexible and ready to pivot based on customer needs and market demands

Ticking all of the above is no easy feat to achieve. If after going through this list you have some blank boxes you’d like to address then we’re here to help. Firstsource is an experienced end-to-end customer service specialist with a range of solutions ready to meet lenders’ challenges. We offer:

  • Years of expertise to advise lenders on account handling strategy
  • Analytics and AI capabilities to help lenders refine their contact methodology
  • The technology to provide insights needed to balance empathy and recovery
  • Solutions that span digital and traditional channels to drive engagement and collection

To learn more visit our Banking and Financial services page. Or see how tech solutions such as automation can help improve customer experience and support collections.

Read More : Explore Coronavirus Lenders Hub

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