Symend’s Co-Founder and Chief Strategy Officer, Tiffany Kaminsky, joins Vice President of Solution Engineering, Aneil Chopra, to discuss why customer retention has never been more important.
COVID-19 has shifted more than the financial health of consumers, it has prompted Symend’s telecommunication and financial institution clients to change the way they engage with financially at-risk customers if they hope to foster customer retention.
Symend’s in-house study showed that as a result of COVID-19, 65% of people reported a reduction in income due to the pandemic and, of those people, 20% are behind on bill payments and another 41% expect to fall behind soon. It’s inevitable that debt recovery will continue to be a challenge for many during these uncertain times.
The reality is “less than 50% of Americans understand payment options. Verbatim responses suggest that consumers are exhibiting irrational thinking and hyperbolic discounting; these can be targeted through behavioral science,” said Tiffany.
Despite these alarming statistics, there is hope. Symend’s studies also show that customers are seeking help to get caught up and are looking for easy solutions to manage their debt. Symend’s secret sauce to tackling the science of customer engagement includes leveraging a personalized, empathetic approach to create positive customer relationships.
In today’s environment, retaining customers has never been more important. The cost of acquiring new customers is five times more than retaining current customers. During these unprecedented times, the number of delinquent customers will increase, so a strategy to positively nurture them back to health will be required. Engaging with customers using digital tools and science-based, personalized messaging will not only retain current customers, but can help turn them into customers for life.
Anxiety and concern are the most common feelings elicited by collection outreaches. By taking an empathetic approach instead, Symend drives home the likeliness that customers will make payments, stay loyal to the brands they love and feel supported along the way.
Are you ready for the future impacts of COVID-19? Implementing a plan now will save you from falling behind in the future.
Listen to the virtual presentation to learn more about:
- Which payments customers prioritize the most
- How Symend’s enterprise software helps North American clients
- Which behavioral science tactics resonate the most with at-risk customers
- How Symend nurtures customers, increases customer satisfaction and offers dynamic financial planning
To learn more about how we are supporting customers, contact us.