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INSIGHTS+ ¦ What is Loss Aversion theory – for Collections

Loss aversion theory, rooted in behavioural economics, posits that individuals prefer avoiding losses rather than acquiring equivalent gains. This principle has significant implications for the collections function within a creditor's operations. Understanding and leveraging loss aversion can enhance the effectiveness of collection strategies, leading to improved recovery rates and customer relationships. Why Loss Aversion Theory? Loss aversion theory is vital in collections due to its psychological impact on customer behaviour. People are typically twice as motivated to avoid losses as… Read more

PODCAST ¦ Roundup – 17-07-2024

-Podcast ¦ Get out of wrap: 194 – GOOW TV on Training & Agent In-Call Knowledge -Podcast ¦ CX Files: Leigh Hopwood – CCMA – CX From The Buyer’s Perspective -Podcast ¦ Informing Choices: Inclusive Workplaces – Nurturing Culturally Dynamic, Multi-Generational Workplaces with Cat Barnard -Podcast ¦ Next In Queue: Connections featuring Lynn Hunsaker -Podcast ¦ Vulnerability Matters: Episode 23 – The secret life of accessible numbers with Laura Parker and Chris Fitch -Podcast… Read more

Podcast ¦ Get out of wrap: 194 – GOOW TV on Training & Agent In-Call Knowledge

Access the full podcast series here Key Takeaways Training in contact centres should focus more on education rather than just job-related tasks. The importance of tying training to competency in the skills matrix. The need for training to be meaningful and tied to clear objectives. The benefits of aligning training with customer outcomes. The importance of empowering agents to take ownership and resolve issues. The use of desktop automation is growing, especially in large contact centres. Agents often have to… Read more

Podcast ¦ Informing Choices: Inclusive Workplaces – Nurturing Culturally Dynamic, Multi-Generational Workplaces with Cat Barnard

Access the full podcast series here Key Takeaways Inclusive workplaces are crucial for fostering diversity in gender, culture, and age. Organisations need to actively recruit across diverse categories to create a more inclusive environment. Recruitment processes need to evolve to focus on diversity rather than just fitting a cultural mould. The ageing population and immigration will play significant roles in the future workforce. Organisations need to invest in upskilling and reskilling to address changing workforce dynamics. Social media plays a… Read more

Podcast ¦ CX Files: Leigh Hopwood – CCMA – CX From The Buyer’s Perspective

Access the full podcast series here Key Takeaways Cultural fit is a crucial factor when choosing an outsourcing partner, even more so than price. Buyers are seeking additional value, flexibility, and agility from outsourcing relationships. Quality and proactivity are key areas for outsourcers to focus on to improve customer experience. The CCMA is focused on supporting contact centres in the UK to achieve excellence through sharing best practices, research, and events. The European Contact Centre Awards and other upcoming events… Read more