Motor finance lenders’ balance sheets are being squeezed from several directions: loss of income due to payment ‘holidays’, a rise in customers experiencing joblessness or income insecurity, new sales stalled by lockdown and necessary provisioning for bad debt.
Is it possible to deliver outstanding service to customers who are struggling to make payments and keep revenue coming in?
Read how one leading lender was able to manage payment holidays by quickly augmenting their existing digital debt management platform from Flexys to deliver bespoke, COVID-specific digital customer journeys. This enabled the business to react promptly to emerging guidance from the Government and the Financial Conduct Authority and to minimise the financial impact of payment ‘holidays’. The digital journey supplied by Flexys to manage the end, or extension, of payment deferrals, achieved a 73% completion rate, allowing the business to plan with certainty at a time of global upheaval.