The pandemic has taken a financial toll on people across the UK;
More than 7 million people in Britain are worried that they won’t be able to afford their council tax bills over the coming year.
Research commissioned by Ofwat as part of the #ListenCareShare campaign shows that 41% of customers are worried about money over the next six months
More than 7 million people in Britain are worried that they won’t be able to afford their council tax bills over the coming year
Banks expect defaults on credit cards, loans, and mortgages to increase in the next three months as the furlough scheme is phased out over the summer
There is also evidence to suggest that some households, particularly those with low incomes, have run down savings and increased debt since the start of the pandemic. The Office for National Statistics found that nearly 9 million people had to borrow more money than usual because of coronavirus.
With so many customers set to struggle, collection operations need to gear up in readiness. But reviewing a customer’s financial situation isn't easy; most customers have to fill out multiple Income and Expenditure assessments (I&Es) and as a result can often give incorrect information, leading to unsustainable payment arrangements being made. On both sides, the current system is inefficient and costly.
This is where IE Hub comes in; we are building an Income and Expenditure Network, a service that connects customers with multiple creditors digitally, storing their I&E information and making this easily shareable with multiple creditors in a simple click. Our Income and Expenditure Network is increasing engagement and operational readiness in the field of credit and collection. Marking a simple and more efficient process for creditors and reducing stress for busy, worried customers.
IE Hub puts efficiency at the heart of the process. Customers can update their information via a secure portal, which provides a single hub from which customers can contact and manage multiple loans from different creditors. For creditors, IE Hub makes it easy to source relevant customer data quickly and simply.
With so many customers set to struggle, collection operations need to gear up in readiness.
Click here to find out how IE Hub can improve your collections process
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