Customer Management

Steven Finlay

Chapter 6 in The Management of Consumer Credit, 2008, pp 103-117 from Palgrave Macmillan

Abstract: Abstract This third phase of credit management — customer management — begins once a credit agreement has been created. It continues until the customer has repaid their debt according to the terms of the agreement or they default, requiring collections action to be taken (the fourth phase of credit management). The goal of customer management is to ensure that relationships with customers function as intended, providing an acceptable level of customer service, and for profit making organizations, maximizing the return generated from customers. The customer management phase covers two main areas of responsibility: 1. Operational management: This deals with providing the infrastructure and undertaking the logistical activities required to manage customer relationships. For example, dealing with customer enquiries, updating account records when transactions occur and issuing statements. 2. Relationship management: This is about understanding and meeting customer requirements for products and services over the long term. This is so that the total benefit from customer relationships is maximized. For example, regularly reviewing the credit limit and APR for a credit card customer and identifying which mortgage customers are suitable targets for cross selling credit cards, personal loans and insurance.

Keywords: Credit Card; Manage Customer Relationship; Consumer Credit; Credit Limit; Customer Management (search for similar items in EconPapers)
Date: 2008
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-58250-7_6

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230582507

DOI: 10.1057/9780230582507_6

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().