FICO Data – UK Consumers Struggled to Reach Lenders About Payment Problems in Pandemic

Industry News | 05/11/20

New FICO research reveals that 1 in 10 UK borrowers found it hard to get assistance during the first phase of the pandemic; financial service providers need to be better equipped to offer support as extension of payment holidays come into force. Highlights:
• Motor finance customers faced the greatest challenge making contact with their lender at the start of the pandemic at 33 percent
• Over 1 in 4 (27 percent) credit card customers and nearly a quarter of mortgage customers found it difficult or not easy to make contact with their lender
• 26 percent of customers seeking assistance experienced long waiting times for calls to be answered and 28 percent reported a lack of immediate information
• 60 percent of customers would like lenders to use email for future outbound communications
• Nearly a third of female respondents said they would prefer to be contacted by letter, indicating the kind of tailoring needed for effective communication.

Source: Global Fintech