When it was suggested in the late 1980’s that telephone collections for serious debt would be a far more effective method of recovery from every prospective the response was ‘our customers will never respond to telephone collections’ – can’t be done. BACs, power diallers, pay by card, web portals – all met with the same…

The first point to make is that at whatever stage of the journey your customer has reached within your organisation, they must remain first and foremost a consumer who is provided with clear information and kept appropriately informed, to paraphrase the Financial Conduct Authority’s (FCA) Principle 6. It has always been important to treat customers fairly,…

Embracing FCA regulation to ensure the fair treatment of customers consistently can create a good customer outcome and a good dealer outcome at the same time. To ensure dealers create the fair outcomes sought by the FCA, it will be essential that dealers consider how best to meet customers’ needs throughout their car financing journey.…

This time last year, I only made one prediction with any degree of confidence – that at some point, the UK’s future trading relationship with the rest of the world will be settled, and confidence and stable growth would return.  And I still stand by this a year later! 2019 was a tough year –…

Research is imperative to digitally transform processes to accelerate effective collections. Today’s debt collection pain points are the broken communication channels between customers and collectors. Poor tools ultimately confuse customers, frustrate debtors and collectors, and make it far less likely that parties can come to agreeable terms. There are tools and processes that can modernise…

A summary of some of the commercial developments in the fintech space for 2019 and looks forward to 2020 with predictions of likely themes. 1 – Partnerships! We’ve seen an explosion of partnerships across the sector in 2019, neo banks  and personal finance have spearheaded the rise in marketplace banking offerings. 2019 has seen Monevo…

Recent research by Bottomline into the thorny area of late payments shows that 92% of financial decision makers admit to having paid suppliers late. In 2017, a slow payer ethic emerged as the biggest challenge to getting paid on time. In 2018, we found that a surprising number of financial decision makers were actively pursuing…

Over the past decade, banking apps on smartphones have given people the freedom to manage their finances when and how they want. But even bigger benefits are just around the corner. In the next 10 years new technology will offer customers personalised financial support, instant home-buying decisions and even tougher cybersecurity. A key factor driving…

Late payment and bad debt can become serious and sometimes fatal problems for one-man or small businesses. In August 2019, the ICAEW Business Confidence Monitor (BCM) reported that one in five businesses (or 24% of SMEs) were facing serious challenges due to late payments. There are lots of reasons that issues relating to debt arise…

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