The name Robinson Way, one of the oldest in the UK Collections industry, is to disappear eight years after the business was acquired by Hoist Finance. The company will become Hoist Finance UK.
The move follows a strategy to unify and harmonize the company’s operating model across the 12 countries in which it operates as part of its ‘One Hoist Finance’ campaign.
Julian Winfield, Chief Executive of Hoist Finance UK, says a new standardized approach is enabling the company to collaborate and create new and innovative ways to support customers on their way towards financial inclusion. “This will in essence not change anything for our customers, we are the same company, but with a more standardized approach, and a global digital and business development team, we will be able to offer better and more innovative solutions that support our brand vision of being ‘by your side’.”
Robinson Way now became a wholly-owned subsidiary of Hoist Kredit AB and Hoist Finance AB, after its successful acquisition in November 2012. Since then, Hoist has invested significantly in the organisation’s systems and processes to help expand the range of services it offers to its customers. It has also continued to build its reputation and long-term commitment to its customers, banking clients, and the local community, as a major employer. The Manchester office today employs 297 people and the London office employs 16 people.
Separately, the company is launching ‘By your side’, a new range of digital services to support customers with financial stability and planning. Through Open Banking, customers will now be able to see a more accurate and instant overview of their finances.
It’s not just about getting a better understating of a customer’s finance though; it’s about using this information to help improve their situation. To do this, Hoist Finance has partnered with leading third-party providers to allow its customers easy access to services that can really help improve their financial circumstances. A Government Benefits tracker is being launched to help the vulnerable and those potentially drifting into debt to understand any Housing Benefit and Working Tax Credits to which they may be entitled, as well as highlighting other schemes such as contributions to Council Tax payments. There is also a utility switching service that seeks to save customers money and therefore improve their financial position.
Matthew Whale, Digital Performance Manager said Our industry relies heavily on the use of income and expenditure forms to understand a customer’s situation. This is always a challenge as you are relying on an individual customer’s understanding of their finances, which is not always accurate. Historically, this is a challenge we have had to accept but Open Banking now provides us with a better solution. A solution we see as having a big benefit for customers both in preventing them from falling into debt, or for those already in difficulty, helping them resolve it more effectively.‘’
“Through these tools and with Open Banking, we can work with the customer almost as a virtual budget coach, to see where their money is currently being spent and where savings could be made. They can also answer a simple online questionnaire to see what benefits they may be entitled to. These could make all the difference in seeing them through their current difficulties.”
Julian Winfield, Chief Executive of Hoist Finance UK said“We help our customers set up sustainable and individual repayment plans, and our team is on the front line of understanding our customers’ financial position. This support is an additional tool to help themselves get back on their feet and gives them a potential solution to their problem. In addition, we also have a very close collaboration with important charities such as StepChange”
The launch of the new services follows the rebranding of Robinson Way to become Hoist Finance UK. The move follows a strategy to unify and harmonize the company’s operating model, and to find more efficient ways to collaborate and create new and innovative ways to support customers on their way towards financial inclusion.