CCR2 Compliance
UK Search – The Open Banking Solution
An established and trusted collections provider is helping to push the industry forward through the innovative use of new technology
Cliff Poole Owner, UK Search
Cliff@uksearchlimited.com
UK Search has become the first debt collection business to use Open Banking technology to help ensure that repayment arrangements agreed with customers are fair and affordable. Payment plans and repayments are
typically calculated and agreed following discussions with customers about their financial circumstances and commitments. Sometimes these conversations can be uncomfortable for the customer and last for longer than is necessary. Many customers in difficult financial
situations either do not have all the required information to hand or simply cannot remember, or are still struggling to fully understand their finances. As a result, the information gathered through the process can be unreliable.
Realistic debt free solutions UK Search has adopted Open Banking technology to help customers in arrears to reach realistic debt free solutions in a timely way. With a customer’s permission UK Search can now view bank account transaction information to understand the customer’s monthly incomings and outgoings, so an informed decision can be made about what repayments will be affordable. Many customers prefer to avoid awkward
conversations about their personal finances. By using the Open Banking solution this can be avoided. It will of course, be the customer’s choice whether they wish to share their information or not. Many of the customers that we engage
with want to repay their debts, but they find themselves in financially difficult
June 2019
The Open Banking solution we have developed and introduced allows us to work with customers in a different way, to get real accurate views on both their finances and their circumstances
circumstances. Talking about it can become embarrassing and confusing. The Open Banking solution we have
developed and introduced allows us to work with customers in a different way, to get real accurate views on both their finances and their circumstances. It becomes very quick and simple and we can agree an affordable programme of repayments.
A fair outcome At UK Search we believe a fair outcome can be reached with most customers, which is generally done by setting an affordable and sustainable payment plan for those customers who can afford to pay something and that way help them to get out of debt. Open Banking gives both parties the opportunity to do this in the fairest way possible. Likewise, an I&E cannot and should
not be a substitute for intuition or human instinct. With the help of Open Banking and the
customer’s permission, collectors should know instantly when an arrangement is not suitable, through picking up the clues in the conversation and by seeing for real the customer’s true position. The need to signpost free money advice
or return the account to the client is made that much easier. CCR2
www.uksearchlimited.com
www.CCRMagazine.com 33
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52