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Finance Payment Holidays – Are You Ready?

Tuesday, 5 May 2020

The FCA has announced a proposed package of measures to support consumers facing payment difficulties due to COVID-19. Following on from the initial proposal for mortgage payment holidays the FCA now expects firms to provide a three month payment freeze to customers who are facing difficulties meeting credit cards, motor finance and high cost short term credit payments.

Given the current climate, there is a real and present need for a technology platform to manage these customer journeys whereby a customer is applying for a freeze on their payments, across the consumer finance spectrum.

At EQ, we are uniquely positioned to offer a robust and nimble technology solution for both application and onward management, coupled with a quickly scalable, and significantly sized, remote resource pool to provide a people solution, complementary to digital processing, as required.

We’ve found that by rapidly building secure portals to allow customers to initiate tasks, complete online forms, and quickly submit data, organisations are able to take this information and respond to their customers much more quickly – particularly in the current climate where call centres have long waiting times and, in some scenarios, are completely closed. These portals also help to improve customer satisfaction, because instead of being placed on hold, consumers can securely login and view the current status of their request without having to speak to a member of staff.

Our solution captures and manages the application process presenting the workflow to case managers and applicants alike. The portal can then be reused a few months later to reach back out to the successful customers that are approaching the end of the holiday. Once they’ve logged in and securely authenticated back into the portal, they could make necessary decisions about what to do next within the available options presented to them – such as extending the term, increasing monthly repayments, or whether they could extend their holiday. Our solution is highly flexible, allowing us to accurately reflect both guidance issued by the FCA and your own internal business rules, and is underpinned by a full audit trail.

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Contact Alex Cook at: