A Professional Guide to Field Collection
Author: Siddharth Agarwal
Founder and Managing Director,
Mobicule Technologies Pvt. Ltd.
Pune .The landscape of debt resolution is one of the crucial aspects of the financial management for any bank and financial institution. The process of collecting overdue payments can be an arduous process especially when dealing with stressed borrowers. Dealing with distressed borrowers requires approaches that are respectful and professional to significantly enhance recovery rates.
Respect is the fundamental value for any human being which fosters positive interpersonal relationship. When borrowers are approached with respect and professionalism, it therefore results in enhanced communication and cooperation, and borrowers are more likely to be receptive about their financial hardship and finding better mutually agreed solutions.
This is particularly essential in field collection, where face-to-face interactions can be delicate and sensitive. Moreover, respect helps maintain the dignity of the borrower. Financial difficulties can be a source of stress and embarrassment for many individuals. A respectful approach acknowledges the borrower’s circumstances and avoids adding to their distress. This, in turn, can lead to a more productive conversation and a greater willingness on the part of the borrower to fulfill their obligations.
Strategies for Respectful Field Collection
1. Preparation and Professionalism: Before engaging in field collection, it is essential to be well-prepared. Lenders should have a thorough understanding of the borrower’s account history and any previous communication. This preparation demonstrates professionalism and ensures that the interaction is based on accurate information. Additionally, lenders should dress appropriately and present themselves in a manner that reflects the seriousness of their role.
