For the second in a series of receeve webinars addressing the changing financial landscape and its impact on lenders and customers, Susan Rann, CEO of Paylink Solutions and Nasdeep Purewal Purewa, Head of Credit at Mondu, offer key industry insights, advice for lenders and more.
Hosted by receee’s VP of Product, Adriana Ellice-Flint, the discussion outlines best-practice methodologies for serving vulnerable customers, self-service tools to enhance the customer experience, and the commercial upside of adopting the right collections management tools.
Key considerations for managing risk
- Assessing customer behaviour over time is essential for identifying vulnerabilities throughout the credit journey
- Access to accurate, up-to-date information enables lenders to develop informed approaches to managing past-due customers
- Robust tools are required to properly harness large data volumes and automate processes with efficiency
- Data, systems and people are the three essential components necessary to enable customer-centric lending and collections strategies
- Signposting customers with budget distress to sources for improving income and reducing everyday overheads (such as energy and utility costs) can prevent increases in vulnerability over time