Omnichannel Communications Critical for Lenders To Be Able To Respond to FCA Call for ‘Cost-of-Living Crisis’ Customer Support
Responding to the FCA’s call for lenders to support customers facing financial distress, global analytics software firm FICO is highlighting the importance of omnichannel strategies for customer communications.
Research conducted by FICO in 2020 revealed that UK consumers found contact with lenders difficult in the early days of the pandemic. Now, with the cost-of-living crisis putting pressure on consumer finances again, the pressure will be on lenders’ resources to manage communications and support effectively.
“Many lessons have been learnt in terms of customer communication”, explained Bruce Curry, senior principal consultant in EMEA at global analytics firm FICO. “They know that they need to be able to respond quickly across multiple orchestrated channels, or risk losing a big piece of their customer base as well as facing the scrutiny of the regulators.
“An omnichannel approach, directed by good data and analytics, should be at the heart of the customer engagement strategies. Automated two-way dialogues across email, SMS, mobile apps, IVR and online sites become more powerful when driven by analytic strategies. And, in terms of time-to-value, omnichannel communications are one of the quickest, most powerful solutions that lenders can implement, with a high return on investment in terms of both finance and customer good will.”