Risk management and compliance prioritised by organisations
Two thirds of organisations prioritise risk management and compliance over customer experience and operational responsiveness, research from Callcredit Information Group reveals.
The study also showed that 17% of respondents said they have had a customer complaint about their affordability checks.
The research was part of Callcredit’s New Affordability report which asked UK risk and customer experience managers about their attitudes towards affordability assessments.
Eamonn Tierney, managing director of UK Business Development at Callcredit Information Group, said: “Our research highlights the need for more education about available techniques and technology which can transform the affordability assessments making it as seamless as possible.
“There is a range of solutions that can help lenders verify income and expenditure, often without asking consumers to provide supporting paperwork.”
Almost half (41%) of risk lenders think it is difficult to balance their commercial and customer needs with regulatory concerns.
Tierney added: “Organisations need to embrace the new age of affordability, utilising technology to both ensure compliance and improve customer experience.
“They should use the evolving market as an opportunity to re-think current practice and make some fundamental changes.”