Within the collections industry in recent years, two of the most frequently used words have been vulnerability and transparency. The former due to the fact that, not that there are more vulnerable customers, but that we are being more pro-active in identifying them and handling them as customer centric businesses should. The latter is maybe more to the fact that increased regulation has led to us opening the doors and ensuring that our practices are fit for purpose.
Although great strides have been taken, are we as a whole really doing enough in both areas to allow us to really serve vulnerable customers as efficiently as we should be.
A clear annoyance for vulnerable customers is having to repeat the same information about their situation to every different company that they speak to. This is difficult for them and is not the customer centric approach that we all claim to have. Surely if a customer gives this information once and permits to sharing the details then all relevant companies that they would speak to would get this information. This would allow the company to tailor its approach accordingly and deal with the customer with empathy and understanding in a pro-active way.
Vulnerability is not a process or a policy that companies need to adhere to, it is a way of life and a real situation that impacts so many people.
The Vulnerability Registration Service allows us to do this but it needs input from across the sector. By doing it then we really will be treating vulnerable customers fairly and we won’t just be paying lip service to being a caring and transparent company.
Scott Dawson – Managing Director and Owner at DDI Software and Opos Limited, Director at Vulnerability Registration Service