0 £0.00
This item was added to your basket

One in four consumers prefer digital communication

A quarter of consumers would prefer businesses to contact them through digital channels in order to settle their debts.

Amber-Ainsley   Pritchard

Share on LinkedInShare on Twitter
Amber-Ainsley   Pritchard
Share on LinkedInShare on Twitter

This was the finding in a study conducted by outsourcing firm, Echo Managed Services, which surveyed 1,500 consumers to find out what type of communication would most likely lead to the payment of their debt.


One in four consumers said digital channels would be best, such as SMS or email, particularly when these are linked to an online payment portal.


Echo Managed Services said this could signal a shift in how consumers communicate with organisations.


A similar research study was carried out by Experian in 2015 and found a third of adults prefer to deal with their debt online, further supporting the fact that consumers are increasingly favouring non-traditional communication methods.


Nick Grant, senior debt management consultant at Experian, said: “It’s understandable that most people prefer e-mail, text, web chat and self-service options. That’s not to say that traditional letter or telephone based methods don’t work.”


Echo Managed Services found a third of consumers would respond best to a letter, however 40 percent of those surveyed said a telephone call would be most likely to prompt them to pay.


Lloyd Birkhead, managing director of Echo Managed Services’ wholly owned subsidiary Grosvenor Services Group, said business must adapt.


He added: “Understanding how to communicate with each individual customer, and putting the control back in their hands by allowing them to select which contact channel they prefer can dramatically increase payment rates, and ultimately lead to reduced instances of debt in the first place.”


Contact strategies and operations will be discussed by a variety of lenders at Credit Strategy’s upcoming f5 Conference in London on December 13.

Share on LinkedInShare on Twitter
Add New Comment



A digital transformation

A digital transformation SPONSORED ARTICLE

Upcoming events

Household Credit Conference

Utilities & Telecoms Awards

TRI Awards

Credit Strategy
LinkedIn page

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group