Banking litigation experts Rob Aberdein and Justin Coley from Walker Morris' Lender Services team explain how building societies and law firms can harness new technology and debt management solutions to offer an enhanced customer journey and improved lender/borrower relationships.
To PayPlan and beyond…
Earlier this year Walker Morris announced its partnership with PayPlan – money advice and debt management experts. The idea was simple – by helping customers to manage their finances, find their way out of debt and take back control of their money and their lives, Walker Morris would also ensure a positive outcome for their lender clients.
But it doesn't stop there. The next step is to harness new and exciting technological innovations to further improve the customer experience.
One key area in which customers, building societies and law firms can do this is the onboarding process. Walker Morris and PayPlan are therefore now using Paylink Embark, a secure digital platform that can provide a digital income and expenditure form (I&E) that can be completed by the law firm or a customer and that can be sent via text, email or live chat, allowing completion via their channel of choice, on any device and at any convenient time and place.
Looking ahead, this technology can also be used to set up and track payment plans; send alerts; enable customers to make payments; and more. It can represent a 'real time' digital financial journey for the customer and offer convenience, confidence, flexibility and enhanced financial management and control on an ongoing basis.
Embracing technology together
Money problems are a highly emotive issue and can cause wider-ranging problems if they are not effectively addressed. Enabling people to get their finances under control in the comfort of their own home; with their documents and data to hand; at a time and via a medium that suits them, can be an attractive option for customers who are particularly vulnerable or anxious about dealing with financial institutions and lawyers.
The advantages of technological innovations for customers are clear. So too are the advantages for building societies, who will benefit from happier and more solvent customers. From the lawyers' perspective, technological advances are inevitable and can be invaluable, in terms of the mutual benefits of efficiency/profitability and improved customer/client relationships.
For further information read the full Walker Morris article here.