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Communicating With Customers

June 27, 2020

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Communicating With Customers

The aftermath of the coronavirus has proven to show a long road ahead for many Americans. According to a recent Yahoo! article, half of US households have experienced loss of income because of the pandemic.

Half of US households have experienced loss of income because of COVID-19. Communicate with customers on how you can help them.

Source: Yahoo! News

As a result, lenders have greatly increased communications with customers.

Part of that communication is ensuring that you provide 100% transparency on loss prevention measures, processes and channels. Below you’ll find resources for specific topics on communicating with customers. In addition to these resources, we have pulled out the top 4 highlights from each.

Communications Best Practices – Highlights

  1. Prioritize Your Outreach – Communicate payment relief strategies with consideration of regional, industry and work classifications. Assess the potential impact on customers and prioritize outreach based on severity of hardship.
  2. Educate Customers – The current change in customer behavior can improve awareness of existing self-service functionality. You also have the opportunity to reroute billing disputes directly to the merchant. One way to further educate customers is to play hold messages that direct people to contact merchants first for disputes or other procedural actions. If the customer has made the effort to call you, they want their money. You must set expectations effectively, so you don’t get multiple calls.
  3. Clarify Your Relief Process  – Inform customers on your process from application tracking to resolution. Clarity and communication expedites customer program acceptance and reduces internal processing time by eliminating internal work duplication.
  4. Provide Proactive Outreach on Consumer Credit Reporting – Be transparent and advise clearly on how credit bureau reporting will be impacted. By communicating with clarity, you can ultimately reduce future dispute inquiries.

Resources

Below, we have cultivated resources for communicating with your customers. Each can improve the customer experience with proper policy and transparency.

  1. Collections: Targeted Intervention – A staggered collections recovery to get in touch with your borrowers.
  2. 4 Areas of Imminent Fraud & Dispute Volumes – Proactively identify fraud and disputes, and educate customers on what they can do.
  3. Credit Reporting During COVID-19 – Communication best practices for program relief.
  4. Credit Reporting & Disputes Webinar – Operational tips and best practices, plus lively Q&A on credit reporting and communications.