Storm Darragh tried, but couldn’t stop our latest Community Day. Despite a few travel hiccups, most of our team managed to make it to Google’s St Pancras HQ - and those that couldn’t were able to join remotely using some very swish Google technology (as you’d expect). Even more impressively, Flexys customers from around the country made the journey, and it was great to have such an engaged group in the room.

These events are our opportunity to give a little extra back to our customers - we try to make sure that every session justifies the investment of staff being taken out of their organisations for a day. So while we do talk about the future of Flexys’ software, our priority is putting on an event which provides ideas and practical guidance that our customers can apply immediately.

This time, our focus was on customer experience. The agenda we prepared brought together industry leaders to explore the challenges and opportunities shaping the future of collections. Here’s a round-up of some of the sessions, so grab yourself a coffee and lets summarise!

‍

Collections trends, technology and transformation

Presented by Chris Warburton, RO-Strategy

Collections guru Chris opened the event with a comprehensive exploration of current trends of the collections industry, along with some predictions for the future. Based on research and benchmarking surveys, the session offered actionable insights on how organisations can adapt to shifting market conditions. Here are the headlines:

Economic headwinds and consumer resilience

Despite economic uncertainty and rising costs of living, consumers have shown remarkable resilience. However, organisations must remain vigilant, monitoring changes in payment behaviours to adapt their strategies effectively.

The regulatory landscape

Chris discussed the increasingly complex regulatory environment, underscoring the need for compliance with developments in the Consumer Duty. Ensuring fair treatment and transparency for customers is not just a legal requirement but a competitive advantage.

The digital revolution

Digital transformation is revolutionising collections, with key trends including omnichannel engagement, AI-powered insights, automation, and digital self-service. By leveraging these tools, organisations can enhance efficiency while improving the customer experience.

Balancing technology with the human touch

While automation and AI drive efficiencies, Chris emphasised the continued importance of empathy and personalised communication in resolving disputes and maintaining strong customer relationships.

‍

Digital transformation in finance

Presented by Stathis Onasoglou, Google Cloud

After Chris’ scene-setting overview, Stathis leveraged his experience and delved into the transformative power of digital technologies in financial services, sharing examples from global organisations to illustrate how innovation is reshaping the industry.

Key insights

• Enhanced customer interactions: AI-driven tools are improving contact centre efficiency, offering real-time solutions and reducing wait times for customers.
• Process automation: From anti-money laundering to claims management, automation reduces costs, increases accuracy, and streamlines workflows.
• Generative AI applications: Emerging tools are enabling organisations to create tailored marketing content and operational insights, enhancing both outreach and decision-making.

Implementation strategies

Stathis highlighted the importance of partnerships, phased integration of new systems, and a focus on aligning technology with people and processes. By working closely with technology providers, organisations can ensure innovations meet their specific needs.

‍

Panel session: Exceeding customer expectations

Chaired by James Hill, featuring Mike Ellicock from Plain Numbers, Guy Statter from Inbest.ai and Chris Warburton from RO-Strategy

This lively discussion examined how organisations can meet rising customer expectations while navigating technological and regulatory challenges. The conversation touched on many different aspects, but the key takeaways were:

Shifting customer expectations

Customers now expect real-time, personalised services, with seamless digital interactions becoming the standard. However, the panellists agreed that empathy and human connections remain vital in addressing complex situations.

The role of regulation

The panel explored how principles-based regulations like the FCA’s Consumer Duty are driving innovation by encouraging firms to focus on customer outcomes rather than prescriptive rules.

Technology’s impact

From AI-driven insights to self-service tools, technology is reshaping customer engagement. However, digital exclusion and scalability remain challenges, particularly for smaller firms.

‍

Enhancing customer communication

Presented by Mike Ellicock, Plain Numbers

After a run-through of the Flexys roadmap by Product Manager Simon Pritchard, Mike closed the event with a fascinating workshop that discussed the critical role of clear communication in improving customer understanding and engagement. Kicking off with the surprising statistic that half of adults have numeracy skills equivalent to a primary school child, Mike’s session was an eye opener into a vulnerability hidden in plain sight.

Simplifying financial communication

Mike introduced the principles of Plain Numbers, showing how simplifying numerical information can significantly increase customer comprehension. By prioritising clarity and context, organisations can double the number of customers who understand key messages.

Key examples

Case studies demonstrated how simplified communications - such as highlighting essential information in loan documents - can improve customer decision-making and compliance with regulatory standards.

Benefits of simplicity

Improved communication not only enhances customer experience but also builds trust and supports vulnerable customers, fostering long-term relationships.

‍

Conclusion: another great customer event!

The Community Day underscored the transformative power of technology and customer-centricity - and by bringing together like-minded collections professionals, it highlighted the power of collaboration. By adopting innovative approaches, staying compliant with regulations, and prioritising clear communication, organisations can not only meet customer expectations but also drive sustainable growth.

We run these sessions at least twice a year, so are already planning another session in the Spring. We look forward to seeing how these events inspire action and innovation across our customer base. Stay tuned for updates on future events!

‍