Progressive Debt Management In a Post COVID World
August 27, 2020
Unprecedented Conditions Call for a Progressive Debt Management Approach
The full impacts of the COVID-19 pandemic are impossible to predict – a prolonged income shock is inevitable as the task of economic recovery begins. It’s time to examine your targeted operating model and be progressive with your approach for a post-COVID world.
Redundancy or reduced income is causing many consumers to experience financial hardship. By late May, 43% of households felt the worst was yet to come for their finances (Source: Resolution Foundation). As a result, debt management functions are already feeling the strain.
Even after the immediate payment holiday “bubble,” increased inflows will spotlight inefficient processes, operational hotspots and poor customer experience. We believe that now is the time to re-assess your operating model to prepare for the new normal.
Use the Bridgeforce target operating model design framework and approach that leverages available internal and external data, makes innovative use of technology, and removes friction from the customer journey.
To realize your progressive debt management model:
Our team has deep experience, and can work hand-in-hand with you, creating a vision, obtaining stakeholder buy-in, developing supporting artefacts and driving execution. This includes:
Vision statements and cultural charters
Debt management objectives and goals
Creating a balanced business scorecard
Management roles and responsibilities
Investment cases, including estimated costs and benefits
End-to-end customer journeys
High level delivery plans
KPIs, reporting and governance frameworks