Why are we writing an article about customer attrition for collections professionals? After all, customer attrition and retention are the tasks of the customer service and marketing departments, right? No, not anymore. Today customer retention is a critical issue for every customer-facing department in companies that operate in highly competitive industries, such as telecom, banking, insurance, and health care — where customer attrition is climbing at an accelerating rate.
In this increasingly competitive environment, customers are switching from one company to another with surprisingly little motivation — a slightly lower interest rate, a free bonus offer, or a single rude customer service call. So, imagine the negative impact that a collections call can have on some customers.
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