Despite the pandemic, the fundamental desires and needs of these customers remain broadly the same.
- Improving clients’ financial situation: Finding effective and affordable debt solutions that are appropriate for clients, increasing their income through the budgeting process, and building savings to reduce reliance on credit.
- Enhancing clients’ financial skills and knowledge: Teaching clients how to budget, prioritise bills and payments, improving understanding of financial products, and how to deal with unexpected expenses.
- Fostering a more positive outlook: Helping clients to be confident in their own ability to improve their financial situation, feeling motivated to take responsibility, and teaching clients to maintain these changes over a long period of time.
The client experience was greatly influenced by the perceived impact of debt, their sense of obligation and how this is fulfilled or not by the advised solution and the customers financial capability.
The Sector responded quickly to the pandemic incorporating a variety of new channels into advice with the loss of in-person services.
While the channel diversity has been maintained since the end of the pandemic there is further opportunity to incorporate them in a more strategic way to optimise the client journey.