Top tips for a customer-centric finance function

Within only a matter of months, COVID-19 changed the landscape for businesses across the world.

Social distancing has forced industries to change the way customer service is delivered to stay relevant. With limited resources available to keep up with increased demand, customer service centres have had to seek new ways to streamline processes internally and for customers.

Before COVID-19, organisations with paying customers were in the beginning stages of transforming practices to be more customer-centric and providing secure, round-the-clock, self-service functionality. The pandemic has only accelerated these plans, and it’s now become an expectation that customers are able to access, view and pay debts at any time through digital channels.

Here's why there's never been a better time to adopt a customer-centric finance function.

Improve your customer satisfaction and strengthen relationships

Consider your customer journey and whether there is friction in the ways your customers are interacting with you. Can customers easily access and update information across their contact, banking and payment information? And can they manage any outstanding payments quickly and effectively?

If not, consider how you can transform your processes to strengthen customer relationships.

By leveraging a self-service portal, you can empower your customers to pay their debts and manage their information. With self-management functionality, customers have the freedom to browse and update their account and contact information at their leisure. Whether it’s viewing transaction history, downloading statements or requesting a change in banking details, customers can see changes reflected in real time with the most up-to-date information — all without the need of a customer service representative.

Save time and drive efficiencies with your internal resources

There is a heavy burden on Accounts Receivable (AR) teams to maintain, support and follow up with customers enquiries in an effective and timely manner. Time is consumed chasing debt, regenerating statements and reminder letters, while manually managing customer contact information.

Implementing a self-service debtor portal holds significant benefits for the AR team too.

A self-service portal will empower your customers to improve their payment behaviour, meaning your team will spend less time managing tedious tasks with a reduction in the number of enquiries received. And with a simplified payments process and an easy way to follow-up overdue payments, you can reduce aged debt with greater visibility.

By minimising internal maintenance and supporting customers with real-time updates through a self-service portal, your AR team has the freedom to focus on what really matters.

For businesses involved in collecting debt, fast-tracking solutions to maintain great relationships with customers while ensuring debts are paid on time has never been more vital. If you're ready to reimagine your finance function, get in touch with a member of our Sales team.

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Publish date

18 May 2021

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