In Focus Commercial Credit


explain both turnaround’s importance and how banks and lenders can effectively signpost at such a critical time.


The importance of getting it right Alongside the benefits of successful signposting, banks and lenders should also consider the risks of getting it wrong. Without proper governance, oversight,


and training, it is possible that customers are either not signposted, are signposted inadequately, or are signposted in a way that creates risk for the firm and customer. The process of reducing risk and


improving outcomes goes hand in hand, as the steps taken to mitigate a risk (for example, by increasing oversight of the process) should lead to better customer interactions as quality controls improve. Encouraging an environment where


struggling businesses are supported and given the best possible chance of success


not only benefits the customer but also the wider economy. This is especially the case now, with


SME numbers critical to continued recovery from the recession. Banks, lenders, and other financial service providers can do this in a number of ways. At the very least, one should be to


consider their current approach to signposting and turnaround, to ensure it maximises the likelihood of good outcomes and customers getting the timely support they may need. SMEs have always been, and continue


to be, an essential part of the fabric of the UK. Now, with government support winding down and Bounce Back Loan Scheme repayments coming due, banks and financial service providers have an opportunity to ensure that, whatever the weather, helping these businesses remains at the top of the agenda. CCR2


Banks, lenders, and other financial service providers can do this in a number of ways. At the very least, one should be to consider their current approach to signposting and turnaround, to ensure it maximises the likelihood of good outcomes and customers getting the timely support they may need


August 2021


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