In a recent webinar hosted by ARUM, Steve Coppard, Group Director of Debt Policy and Strategy at Arum, and Julien Sarat, Vice President of Sales at QUALCO joined a discussion on the impact of the current cost-of-living crisis on clients and customers. They highlighted potential solutions to address these challenges effectively, including proactive debt management and an omnichannel approach in collections.
Challenges in a Changing Landscape
The webinar addressed the global effects of the COVID-19 pandemic and the conflict in Ukraine, leading to economic disruptions, supply chain challenges, and increased financial pressures. Sarat explained the challenges businesses face, such as higher operating costs, reduced profitability, wage pressures, and changes in consumer spending. Consumers, on the other hand, experience decreased purchasing power, financial strain, and lifestyle adjustments.
The discussion stressed the importance of businesses adapting to shifting consumer behaviours and managing higher costs, with the latter adjusting their spending habits and coping with reduced affordability. The speakers highlighted the importance of implementing a proactive debt management mechanism, benefiting creditors and debtors by reducing delinquencies and defaults and improving debt recovery rates. This mechanism also mitigates default risks, enhances communication and engagement, and helps maintain positive customer relationships.
Adopting an Omnichannel Approach
Meanwhile, Sarat discussed the importance of incorporating omnichannel capabilities in collections and emphasised the omnichannel capabilities of QUALCO Collections & Recoveries (QCR). In particular:
Αccording to the QUALCO VP of Sales, leveraging these capabilities can deliver seamless customer experiences, gain a single customer view, increase payment rates, automate conversations with API integration, and improve contact center efficiency.
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