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On the back of the final recommendations of the banking royal commission on February 1st 2019 and the new banking code to be fully implemented by July 2019, banks are focussing on building trust and improving the customer experience.

Fundamental to the customer experience is the ability to have genuine, intuitive collections conversations that balance the need for commercial outcomes with the social needs of the customer.

Rethinking what makes an effective collections conversation can improve commercial outcomes for banks overall whilst improving how vulnerable customers and those facing financial difficulty are assisted and supported.

Included in the new banking code is the following:

– Banks will need to further improve their approach to customers facing financial difficulty; to proactively identify if someone is at risk of getting into difficulty, so they can work with their customer to help prevent a situation worsening.

– There is a further focus on banks taking extra care of customers facing vulnerabilities such as age-related or cognitive impairment, elder abuse, financial abuse, family violence, mental illness, seriousness illness or any other personal or financial circumstance causing significant detriment.

– There is further support offered to small businesses and farmers with new guidelines on loan repayments, following up on defaults and taking enforcement proceedings.

Top 5 factors for getting collections conversations right in your bank

Mel – can we insert the 5 icons from the banking brochure under here?

For best outcomes it is critical training programs are supported by a meaningful quality framework and coaching program.

The eMatrix training program for Banks

eMatrix can assist banks with:

– diagnostic collections focussed review and recommendations

– development of policies and call quality framework

– training and coaching of frontline staff, call centres, credit teams, hardship/specialised teams and leaders

– sustainable in-house solutions: eMatrix champions train-the-trainer programs/interactive knowledge databases to be utilised as online training tools and for new starts/unique online learning tools: including podcasts, video’s, TED talks