Why Consumers Need Self-Service with a Safety Net

Digitalisation of operations is not a black and white solution, and there will always be a need for human interaction which is crucial for businesses to manage debt and arrears conversations. However, automation of processes can reduce costs, and it can positively enrich the relationship you have with your customers and provide them with more confidence to have a meaningful interaction with your business.

Advantages arise both on the company’s side and on the customer’s side.

Pros for Companies:

  • Cost and Time Savings: Self-service solutions streamline processes, reducing operational costs and freeing up resources for more valuable tasks.
  • Improved Efficiency: Automated self-service platforms allow for faster and more efficient handling of customer requests, leading to increased productivity.
  • Data-Driven Insights: Self-service systems generate valuable data that can be analyzed to gain insights into customer behavior, preferences, and trends, enabling better decision-making and targeted marketing strategies.
  • Scalability: Self-service options can easily accommodate a growing customer base without requiring a proportional increase in staffing or infrastructure.

Pros for the Customer:

  • Convenience and Accessibility: Self-service options provide customers with quick and easy access to the services they need, anytime and anywhere, without the need to wait for assistance.
  • Empowerment and Control: Self-service puts customers in charge of their interactions, allowing them to manage their needs independently and at their own pace.
  • Faster Resolutions: With self-service, customers can find answers to their queries or resolve issues more swiftly, without the need to wait for a support agent’s availability.
  • Personalization and Tailored Experiences: Self-service platforms can leverage customer data to deliver personalized recommendations and solutions, enhancing the overall customer experience and satisfaction.

Aryza, the market leader in process automation, launched Aryza Recover as a digital response to COVID-19. This tool aids customers facing payment difficulties by suggesting alternative solutions like ‘breathing space’ or debt management. It enables businesses to assess customers’ ability to pay and propose suitable options.

Businesses have embraced self-service solutions for managing debt, maintaining personalized experiences. Surprisingly, 65-80% of consumers using self-help methods set up payment plans. However, some customers prefer agent assistance, necessitating systems that offer the same benefits. Personalized customer service focusing on individual needs is crucial.

For self-service customers, Aryza offers a hybrid “agent-assisted” approach. Consumers transition into agent mode when struggling, flagged as vulnerable, or desiring human interaction. Automated solutions outperform traditional debt collection methods, with over 30% of consumers engaging and 20% making payments when four or more payments behind.

In the current era, digital systems combine efficiency, intimacy, and operational automation, preserving customer relationships. Integration is quick, achieving significant cost savings while maintaining customer satisfaction.