Debt prevention

Our data science and analytics capability helps us to understand and predict when debt may occur and this insight helps us to treat customers fairly, according to their individual circumstances – just as the Financial Conduct Authory requires us to do – and support them before they get into arrears. Our proactive messaging is personalised to ensure that it really supports customers who may encounter problems.
Person reviewing bills

Understanding where to concentrate resources for the best results

The Coronavirus pandemic has created a new economic landscape, one in which people with good credit histories who have never been in debt before are turning to creditors for help until they can recover.

Treating customers fairly and with empathy, based on their individual circumstances, is the right thing to do in this new landscape. In fact, the Financial Conduct Authority (FCA) has made fairness a matter of compliance, and it has imposed large fines on some high street banks that haven’t treated their customers fairly.

From the very first interaction, you have an opportunity to treat your customers with empathy and fairness, steering them towards the right payment outcomes while maintaining your reputation for first-class customer service and differentiating yourself from the competition.

Having the customer data to be able to forecast the impact of different scenarios on future debt and recovery levels is critical to managing any book of debt. We can help to validate the performance of your current propensity to pay or default models.

We can then make any necessary adjustments to guide your activities – such as prioritising workloads and segmenting customers so you can achieve the best results possible from available operational capacity.

Treating customers fairly in collections

Download our latest report which explores the thoughts of those who are struggling to pay their debts through financial hardship and how organisations can retain loyalty, create better outcomes and alleviate mental stress through difficult times.

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£60,000

is the average UK household debt

13 million

UK households have between zero and £1,500 in savings

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Strengthening your response with virtual agents

Our Conversational AI tool helps you and your customers.

It provides customers with a self-service option that can answer their important questions, guide them to sources of information and, ultimately, reduce their need to speak to an adviser.

It frees up your customer service agents’ time and enables them to focus on helping vulnerable customers with complex enquiries quickly and accurately.

Watch this video to see our Conversational AI tool in action.

Training, technology and data analytics

01

Expert agents

Our people are trained to treat everyone, especially the most vulnerable, with compassion and respect. They can also be in place quickly, to help deal with any peaks in enquiries.

02

Real-time support

Our agents are supported by a range of tools, including real-time speech analytics that can recognise distress, and just one screen for all the information they need.

03

Omni-channel journeys

Debt is personal and not everyone wants to talk to a stranger about it. So customers can self-serve through a range of digital solutions, which include AI, apps, email, WhatsApp, SMS and voice.

04

Data and analytics

Our solutions help us understand the life moments that can cause debt, identify the early warning signs and offer proactive help. Additionally, our data scientists are able to remodel assumptions to facilitate more accurate forecasting, based on all types of scenarios.

Our related insights

Customer experience

Artificial intelligence

Customer experience

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Personalised journeys

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