When the FCA published new regulation around credit card debt, our client, a leading UK lender, wanted to go above and beyond the new rules.
They wanted to create a communication experience that would truly change behaviour and support customers out of 'Persistent Debt'.
We created an 18-piece communication experience of SMS, emails, letters and online banking pop ups, each of them grounded in behavioural principles.
By making the most of cheaper channels as well as the regulatory required letters, we were able to deliver timely, tailored communications that really resonated with customers.
The mix of mandatory and supplementary nudges resulted in greater, faster behaviour change than the mandated alone. On average an increase in repayments of over £100 a month – meaning over £50 million was paid off customer balances in total.
An automated programme deployed using our CX HUB capabilities, all of these communications are securely processed centrally. This has helped to simplify production and content management, which has reduced costs, risk and duplication of effort.