Welwyn Garden City, 25 January 2024: PayPoint and Citizens Advice Stevenage today announce the successful launch of a new online customer support product initially implemented in a trial phase from September 2023.
The trial saw Specialist Debt Advisors at Citizens Advice Stevenage help develop and use PayPoint’s Financial Information Service (FIS) Customer Support Tool, an Open Banking solution, that has cut the time spent by Debt Advisors’ gathering and reviewing financial information of individuals seeking help from an average of three weeks per case to just minutes.
Unprecedented potential
Historically, Debt Advisors have relied on provision of financial information in paper form such as bills, invoices, statements and others. They have then undertaken manual review assessing the chronology and severity of a person’s financial situation before providing their debt advice and details of their options.
Now, following consent from the individual in question, PayPoint’s FIS Customer Support Tool is able to review and summarise a clients financial circumstances in real-time in less than a minute. This unprecedented time saving has enhanced the resource that Debt Advisors are able to commit to providing actionable advice to people, as well as improve the attrition rate of the number of people who seek help from Citizens Advice Stevenage to actually receiving it. As an online tool, it has also enabled people less able to leave home to undertake face-to-face appointments to access the service more easily.
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