help stop customers entering into the collections process accidentally?

1. PROBLEM STATEMENT
How do we:
• help stop customers entering into the collections process accidentally?
• open up communication with customers who miss repayments?
• connect people in financial difficulty to help?

2. NORMAL COLLECTIONS PROCESS
Miss
Payment
Send
NOSIAs
(Letters)
Charge
Collections
Fee - £25
Call
Customer Send Letter
Make Arrangement Write Off
GET IGNORED…AGAIN!

3. PENNY THE FINANCIAL ASSISTANT
How it will work
• Connects to Open Banking
• Use open banking to assess income and expenditure
• Assess financial or mental health problems and points the user towards free
organisations that can provide advice

4. HOW TO FIND OUT ABOUT PENNY
• Recommendation from Charity Supports – Citizen Advice
Bureaus
• Financial institutions - Part of Native App
• Loan company makes condition of loan or credit card

5. PENNY’S PERSONALITY
• Empathetic – so people know they won’t get an ear bashing when things go wrong
• Positive – can-do attitude, focused on solutions
• Realistic – doesn’t get the customer’s hopes up
• Friendly – even when delivering bad news
• Fun – especially when reporting on the day-to-day

6. WHAT ARE THE BENEFITS?
• Doesn’t need to log into online banking
• Face-less – no human judgement
• No lengthy income and expenditure forms
• Fairer
• Avoid bank charges for accidents
User
• Cost-efficient – less time and money spent
chasing the customer
• CSR – refer people to organisations that
can help
• Fewer people enter the collections process
Company

7. PERSONAS
Reckless RheaUnfortunate UmarForgetful Fran
• 30 yrs old
• Works in marketing
• Tech savvy
• Socialite
• Lives in London
• Financially lives on credit,
switching between credit cards
often. DDs pay for gym, Netflix,
Spotify, cards
• Active on social media
• Has Open Banking
• 45 yrs old
• Head of dept in a telecoms co.
• Tech adept
• Wife’s left him and he’s looking
after 2 children
• Now paying more for childcare,
solely responsible for the
mortgage, schools fees etc.
• Feeling down about the
situation
• 22 yrs old
• First job out of university
• Tech savvy
• Managing cash for the first time
• Enjoying life – goes out 3 times
a week, eats out more often
than cooks
• Drives a brand newVW golf,
paid for with finance
• Rents a room in a shared house
with 3 others

8. FORGETFUL FRAN NEEDS…
• An easy way to remember what money is going out when
• To know before it happens when she is going to miss a payment
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