Good communication is good business

Article Abstract:

Credit organizations can improve their customer service by establishing improved communication with customers. The techniques that may be used to establish good communication include keeping the message simply by avoiding industry jargons, repeating an important information to facilitate memory retention, being concise by getting to the point and being sensitive to the feelings of customers when their application for credit is rejected. If credit companies are confronted by unhappy customers, there are eight strategies they can use. These are being upfront about loan application, maximizing their chances of obtaining credit, giving them a second chance, acting as their friend, helping them, offering another line of product, informing them where to go and talking to them. These guidelines can help companies attain good PR, improved sales and better customers.

Methods, Customer service, Consumer credit, Credit management

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Teleservices helps credit card issuers "cut through the clutter."

Article Abstract:

Teleservices offers credit card issuers a means to reach their target markets without adding to the flood of solicitations that dismay many consumers. This alternative marketing strategy simply involves establishing call centers and furnishing telephone representatives with effective scripts. Many credit card issuers are choosing to improve their teleservices functions by outsourcing them. These financial institutions are finding that outsourcing can bolster the quality and effectiveness of their sales and marketing operations, improve performance, enhance management control, and enable them to concentrate on their core competencies. Teleservices companies offer a number of services, including accepting loan applications, market fee-based services to the credit card issuers' customers, make outbound calls to cardholders, and respond to inbound 800-calls.

Business services, not elsewhere classified, Telephone Call Centers, Telephone Marketing Services, Marketing, Marketing industry, Telemarketing, Outsourcing

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Taming the fraud monster

Article Abstract:

Combating fraud is a big challenge for the credit card industry. Fraud in the US involving bank cards alone reached $680 million in 1995, up by more than 350% over the 1985 figure. The most common types of credit card fraud include stealing of cards, interception of cards, counterfeiting, account takeover and computer hacking. The credit card industry has been very vigilant in monitoring and fighting fraud and has been quite successful in its efforts. Losses resulting from fraud have been declining, counterfeits have decreased, fraud applications have become easier to control, interception of cards has gone down and new fraud prevention technologies continue to emerge. Among the new technologies that are helping to minimize fraud are neural networks, smart cards, card verification and validation systems, and scoring methodologies.

Prevention, Credit card fraud

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