Coventry Building Society launches new customer affordability tool

Coventry Building Society has launched a new online affordability tool to help mortgage customers facing financial difficulties.

The tool, delivered by fintech Paylink Solutions, allows customers to self-serve and provide their affordability using SFS guidelines. They can also be seamlessly referred for free debt advice to Paylink Solutions’ sister company, PayPlan, to support them with their wider creditor position.

“We’re always working to provide solutions that support our borrowers and we’ve seen an increasing appetite to interact with us online. The affordability tool enhances the support we can give through the digital channel as well as giving our borrowers more freedom to choose when to interact with us around their work and home commitments,” said Russell Woodward from Coventry Building Society.

“For borrowers at risk of financial difficulties, it’s important to find the best solution to meet their personal circumstances, so having a clear view of their situation is crucial to helping them through difficult times.”

Paylink Solutions’ Director of Partnerships, Andrew Alder, said: “We’re really excited to be helping Coventry Building Society and have developed a customised journey so customers are provided with the financial support they need.”

Borrowers can self-serve via a secure online portal and upload personal information for the building society to review before having a conversation around options. The platform also has Credit Referencing Agency (CRA) integration, which provides optional access to import other credit commitments to give a holistic view of their financial situation

Alder continued: “Paylink Solutions is working with an increasing number of lenders to provide more digitally-focussed customer support. We’re delighted with the positive impact our software is having on thousands of customers across the UK every day.”