Leader in Customer Engagement and Debt Recovery Explores Consumer Experiences and Attitudes Associated With Bill Payment
Symend, the leading science-driven engagement platform that transforms the way enterprises recover payments from customers, announced results of a survey of more than 1,000 American consumers about their experiences with debt collection, as well as attitudes around bill payments. Notably, 52% say they have felt tricked or deceived by a bill collector, and 42% of Americans have received a collections communication by mistake.
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Over half of Americans (51%) have been late to pay a bill, because they lack the money (56%) or because they have forgotten about the bill (39%). Some 29% of Americans have had late payments or collections activity negatively impact their credit score. The three aspects of the debt collections process that consumers are most troubled by are:
- Debt collectors are not sympathetic to my situation – 39%
- Debt collectors are annoying/contact me too much – 38%
- Debt collectors are rude – 37%
Some 76% of Americans say they would be more willing to pay off their debt if they worked with a friendly debt collector, and an equal number (76%) would be more willing if the debt collections process was personalized.
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Symend addresses today’s unmet need for more personalized, empathetic and humane debt recovery by enabling service providers and financial institutions to engage with past-due customers in a different way. The company’s digital engagement platform leverages behavioral science-based principles and communication techniques designed to engage with and help end-user consumers get up to date on their bills and avoid the collections process, while empowering Symend clients to achieve increased customer retention rates.
“This survey data confirms that positive engagement is crucial at every stage of the customer journey – including debt repayment,” said Hanif Joshaghani, Co-Founder and CEO of Symend. “Using scientifically validated tactics, we have proven that customers are much more likely to settle their past-due accounts and engage more if the experience is empathetic and personalized. Our goal is to help consumers avoid the collections process altogether through proactive resolution.”
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