FCA Occasional Paper No. 59: Sitting on a gold mine: Getting what’s owed to pawnbroking customers
Regulatory Updates | 20/01/21
The paper is based on user research, customer and staff interviews and data analysis to map out the customer journey and discover the factors that might be influencing low surplus collection rates in one large pawnbroking firm with stores distributed throughout England and Scotland.
The research found that a behaviourally designed reminder letter, delivered to customers 2 weeks after incurring a surplus due to their item being sold, almost doubled surplus collection rates within 30 days.