More than any other sector, it is essential for those in the financial services industry to assist your more vulnerable customers in any way - especially if they are experiencing financial hardship.
With the ongoing pandemic, rising costs of living and numerous natural disasters over the last few years, more and more people are facing financial hardship. As a business in the finance sector, you have a unique opportunity to create real change in these people’s lives and by doing so, you will improve your reputation and your profits.
That’s why we’ve created this guide to give you a few things you can do to assist these customers.
Monitor Requests And Address Complaints
In order to help these vulnerable customers, you first have to identify them.
You should have a process that allows customers to request financial hardship assistance, so in the first instance, it is essential that you monitor this. However, this group can often be the last to ask for help, so it is important that you stay on track.
Make sure you keep an eye on the complaints you receive and any other warning signs that may indicate financial difficulties. This could include late payments, an emotional response to being contacted by a supplier or any indication from a third party.
Once you have identified those who are in the vulnerable category, it is important to keep records and ensure the consumer knows how to access additional assistance.
With software, managing financial hardship assistance requests and customers is simple.
Take Financial Hardship Pro® for example.
With our software, you can manage financial hardship requests from the initial inquiry to the assessment and final decision. You’ll be able to easily escalate financial hardship requests to complaints using the in-built and industry-specific features available.