In order to support customers with the financial tools they need, lenders must have a clear strategy for the road ahead. They need to be confident that their technology and service provider can support this.
Fast forward to early 2020 and EQ were creating software that already contained the functionality required to support payment holidays and forbearance reschedules. We were quickly able to offer these solutions to clients without the need for software upgrades. Our commitment to supporting our clients continues.
As the regulator places increased focus on lenders to take action on improved customer contact and communications, financial providers need to make contact in good time before the end of a payment deferral. Borrowers need to receive timely information to enable them to understand their position.
That’s why the latest EQ Credit Services software releases have built in additional functionality to help our clients better support their customers. This includes improved communication strategies for borrowers who are in temporary arrangements and have failed to pay on time. We are extending the scope of our APIs to support payment cards being explicitly linked to temporary arrangements and are also recording the customers’ consent against payment card details.
As we all deal with the restrictions placed on us by the regional tiered lockdowns, we can expect more people to come under financial duress. Lenders will continue to need a flexible loan management system that enables them to remain up to date with any regulatory changes. These may be COVID-19 measures or they may be other planned updates such as the changes to the Breathing Space Regulations due to come into force in May 2021.
Either way, lenders need to partner with a technology provider that continues to drive products forward and deliver solutions. We are here to enable our clients to help customers in financial difficulty, guide them in the latest regulations, and help grow their businesses.