American businessman P.T. Barnum once remarked that “There is scarcely a thing that weighs people down more than debt.”
Consider the plight of a debtor in default. It costs sleep, self-esteem and tarnishes the future. In past times the debtor would be handed off to a collection agency. There would be phone calls, ominous letters, and maybe a court summons. The law was on the side of the credit grantor, and the consumer could only hide behind a wall of stigma.
What if there was a way to engage consumers in a positive context, then set them on a path where they could resolve their obligations on terms comfortable to them? Better yet, what if they remained a customer out of appreciation for the way they were treated and the opportunity to set things right?
This is a game-changing concept, and it is revolutionizing debt collection. At its heart is empathy, the ability to understand and share the feelings of another. It uses a multichannel approach to engage consumers and Intelligent Automation to guide them to a resolution with their dignity intact. It is humane and it works.