It was an interesting day in Manchester last week at the Credit Strategy: Collections and Vulnerability Summit. Some great conversations, ideas, and discussions on a theme that remains important and evolving further as we move into the world of consumer duty going forward.
Some of the key points and takeaways from my notes below.
Key Points
- Educating Staff and Customers: The importance of educating staff and customers about changing policies and financial situations was emphasized.
- Supporting Vulnerable Customers: The need to provide support and resources to vulnerable customers while maintaining fairness for the general population.
- Upskilling Staff: Focus on upskilling staff to understand and assist customers from different generations effectively.
- Complexity of Financial Assistance: Acknowledgment of the complexity of managing customer support and financial assistance, especially during economic changes.
- Collaboration and Intelligence Sharing: Collaboration and intelligence-sharing was seen as crucial for improving customer service and addressing customer queries effectively.
- Tailored Support: Vulnerable customers require tailored support and continuity in service.
- Policy Evolution: The need for policies to evolve to better meet changing customer needs and circumstances.
- Disclosure and Assistance: Encouraging individuals to disclose their situations and seek assistance from financial institutions.
- Transparency: Emphasis on transparency in dealing with customers.
- Changing Customer Interactions: Recognition of significant changes in customer interactions and expectations within the financial industry.
- Generational Understanding: Understanding generational differences in customer behavior and preferences is essential for effective service delivery.
- Financial Responsibility: While support is important, vulnerable customers are not exempt from their financial responsibilities.
- Challenges of Addressing Vulnerabilities: Acknowledgment of the challenges in addressing vulnerabilities within a diverse customer base.
- Effective Collaboration: Effective collaboration between different stakeholders is essential to address customer queries and concerns.
- Communication: Effective communication with customers is crucial to building trust and ensuring they understand their options.
- Adapting to Economic Changes: Discussion about adapting to economic changes and providing relevant assistance during times of crisis.
- Resource Allocation: Allocating resources effectively to support vulnerable customers without straining the financial institution.
- Staff Training: Ongoing training for staff to keep them updated on policies and best practices.
- Customer-Centric Approach: Focusing on a customer-centric approach to deliver the best service possible.
- Long-term Impact: Recognizing that policies and support may have long-term impacts on customers and their financial situations.
Top 10 TakeAways
- Prioritize upskilling staff: Recognize the importance of investing in staff training and development, especially in adapting to different generations’ needs and preferences.
- Tailor support for vulnerable customers: Understand the significance of providing personalized support to vulnerable customers while maintaining transparency in policies.
- Explore a 60-day breathing space: Consider implementing a financial support period to assist individuals facing financial difficulties.
- Embrace technology: Emphasize the role of technology in evolving customer service and adapt to changing customer expectations.
- Maintain transparency: Ensure that transparency is at the core of customer interactions and policies, building trust with customers.
- Balance support for all customers: Strive to provide support for vulnerable customers without compromising fairness for others.
- Adapt to government policies: Be prepared to adjust customer support systems in response to changes in government policies.
- Educate customers: Develop support plans that educate customers and help them navigate life’s challenges effectively.
- Stay flexible and responsive: Understand that customer service is a dynamic field that requires flexibility and responsiveness to evolving needs.
- Keep evolving: Continuously seek opportunities to improve customer service and support to meet the changing demands of customers.
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