Callcredit Blog

Best practice in working with vulnerable customers: Blog 4/4: A recipe for success

Credit Risk & Affordability

shutterstock_265875797In the fourth of a series of short blogs, we take a look at the key ingredients needed to improve the way you work with vulnerable customers, from identification, verification, and support.

  1. Focus on how vulnerable customers are handled
    This will lead to ongoing improvement in customer experience, with customers feeling their needs are listened to and responded to by the organisations with which they hold relationships. Flexibility to tailor solutions to individual customer needs will improve outcomes, with customers being supported through challenging and difficult circumstances.
  2. Work with business consultants
    Specialist credit risk and financial crime prevention practitioners with banking and financial services experience can provide an industry best practice view to support your business in identifying and implementing improvements in the assessment and management of vulnerable customers.
  3. Implement solutions to support with assessing, identifying, engaging, and supporting customers experiencing financial vulnerability
    Credit risk and affordability solutions can help to identify potentially financially vulnerable consumers, validate income, and determine the customer’s capacity to repay. Solutions that offer daily alerts can provide early insight into significant changes in a customer’s financial circumstances, enabling early engagement and intervention.
    Integrated collections data can provide advisors with rapid access to key information on a customer’s financial position, enabling the advisor to assess income and expenditure levels and agree a sustainable long term solution with the customer.
    There are tools available that can be used to profile and identify potentially vulnerable customers, flagging them for pro-active action, or could be used to perform a detailed assessment of a customer. Recommendations for suitable solutions, such as loan re-scheduling, payment holidays, etc. can also be made.
    Omni-channel customer engagement solutions can provide a true end to end solution in assessing, identifying, engaging, and supporting customers experiencing financial vulnerability.
  4. Encourage consumers to take control of their financial passport
    Consumers can access their credit score and credit report fee for life from Noddle. This will provide visibility and insight into their current financial position.

If you would like help in identifying and supporting vulnerable customers or have questions on any of what I have discussed please email me nick.myatt@callcreditgroup.com or feel free to leave a comment below.

Author: Nick Myatt

 

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