Connected Analytics’ Hardship Advisory service supports clients in the creation of an environment that maximises the effectiveness of the hardship process, with full consideration of the impact on their customers.
Typically, the starting point is a review of current practice, with reference to the requirements of the Act and in anticipation of the requirements of the forthcoming ASIC guidance. The review will also ensure that repayment history information and hardship flags are being appropriately reported on a credit bureau(s) and an individual’s credit report. Furthermore, it will ensure that operational processes in the collections and hardship teams are consistent with the requirements of the NCCP Act (2009) s72.
A strategy review comparing current with best practice will be undertaken to identify potential areas for policy or process change, as well as the possible requirement for further investment in models, operational capability and collections staff.
Deployment of a hardship solution may require specialised software as an add–on to existing collections processes/systems. The design and deployment of such a hardship solution is enabled through our partnership with Katabat. This service enables management strategies to be delivered through automated software that embeds credit policies and manages inbound and outbound communications, including options to self–serve.
This service is often provided as part of the Hardship Management Solution Set.