Customer Response Strategies – 10 Quick Fixes
A recent survey by the FCA (Financial Conduct Authority) has uncovered that 1 in 6 people will struggle with a £50 increase in their monthly mortgage/rent payment. With interest rates continuing to be at an all-time low, and expected to increase later this year, a significant proportion of consumers have no experience of handling any rate increase. Ongoing uncertainty around Brexit may result in further interest rate increases, exacerbating the situation for consumers.
Banks have models in place to forecast how different scales of basis point increases in interest rates would impact their customer base and ultimately loss rates. Alongside this forecasting, it is vital to lay out an agile, resilient, well thought through customer focussed response plan.
Why is a response strategy important?
The ability to mobilise quickly is often one of the greatest challenges banks face when responding to a mass change in customer demand / circumstances.
- Helps mitigate any unexpected / new risks
- Builds long term resilience of your organisation
- Maintains customer and market confidence
Bridgeforce works with many clients to implement the changes required to manage the organisational and consumer impacts of payment shocks. These are our recommendations of how you can be prepared and well-positioned to mobilise.
See our 10 steps to quickly improve customer response strategies.
Created for the UK market.