The Cost of Operating in the Debt Management Sector
There’s nothing new about the fact that problem debt is on the rise; an estimated 8.3 million UK households are unable to pay off their debt or household bills. It’s a gloomy picture for the UK economy, especially in light of the Office of National Statistics’ verdict that 2017 was the first time in 30 years that UK households’ outgoings exceeded their income.
Given continued growth, the challenges in debt management are somewhat hidden from industry outsiders. But the FCA spotlight means debt management is becoming an increasingly tough sector to operate in – something that rings true whether you work in a charitable operation or profit-making entity.
But it’s not all bad news. Complexity may be increasing due to FCA compliance, but you can manage this by converting your business to multi-channel communications.
What Is Multi-Channel Communication?
Simply described as “communications sent to your customer using a combination of electronic and physical delivery”, multi-channel communications outsource your communications to an external supplier. Your team creates files and sends them to us via an SFTP connection. We then check, classify and send the mail according to guidelines pre-agreed with you.
Clients who prefer electronic post are sent electronic notifications and those who prefer traditional post receive letters. The original electronic documents are safely stored and backed up in easily accessible, secure data storage.
Prime Document specialises in helping financial service companies remove the effort and cost of complying with FCA requirements. Work with us for the reassurance of working with an experienced provider, able to deliver a range of benefits to your organisation:
- ISO accreditations, 27001,14001, 9001
- Registered with the Information Commissioner’s Office
- Tier 3 UK-based data centres
- Full disaster recovery and business continuity processes in place
- Independently assessed “excellent” customer service
How Can Multi-Channel Communications Help Debt Management Charities and Businesses?
With such highly involved work, you’ll probably agree that the complexity of working in debt consolidation shows no sign of abating. The tailored approach to helping clients with complex debt management packs is core to success. But with such heavy administrative requirements, it reduces your team’s ability to work on value-added tasks and increases complexity across your business.
Can Multi-Channel Communications Reduce Complexity?
Outsource the complexity related to collating, printing and compiling client debt management packs when you move to Prime Document. You’ll reduce the internal process to sourcing the correct information, uploading the file and transmitting it to Prime Document. Once checked and formatted for dispatch by your Prime Document contact, the files are returned for approval. Once approved, we create PDFs of the documents and then either:
- Upload the documents to a portal to allow your client to log in and access them
- Send the documents as an encrypted PDF attachment to an email
- Print and insert the documents before posting them directly to your clients.
The result? You reduce your staff’s manual workload and create a leaner, paperless internal process.
Outsourcing the laborious work that debt management packs and mandatory correspondence create has helped StepChange –- the UK’s most comprehensive debt advice service –- become more efficient and cost-effective with their operation.
We process a range of letters and materials on behalf of StepChange, including: