2020 started like most others for the teams at Paylink Solutions.
Our focus to deliver new features and products against the development roadmap – and bringing in new clients for both our Paylink Collections and Paylink Lending products – meant the teams were busy and ready for the year ahead.
Preparations to rollout new features, designed to help our clients handle increased volumes of affordability assessments being requested as a result of FCA changes around Persistent Debt, were well underway – and the teams started the year in a strong position.
At the same time, we were preparing the final details to launch the new Paylink Lending product.
Then Covid hit, and with that the focus quickly shifted from helping our clients manage ‘Persistent Debt’ volumes to how we could help the banks manage the influx of ‘Payment Holiday’ requests.
Covid has changed the future digital landscape within financial services. Businesses are now being forced into adopting digital platforms that enhance the way they interact with their customers from any device and any location.
Working closely with our clients to understand their new regulatory obligations and what their requirements were, we quickly changed our focus and developed several features which were designed to help them digitally manage the bow waves of customers requesting and coming to the end of these payment holidays.
Over the summer months our Paylink Collections product has been enhanced to include features, such as Digital Triage, Chatbot, Arrangement Proposals to repay arrears and Automating Requests for future Affordability Assessments.
Our client base has continued to grow and this year we have launched our Collections Affordability tool with several tier 1 and two banks, building societies and service providers.
Throughout the year Paylink has continued to be recognised in the industry. Two of our colleagues were shortlisted for individual awards at the Women in Credit ceremony, held early in November. Then, later in the month, we were delighted to win a joint award with NatWest Group in the Innovation in Collections and Recoveries category at the Credit & Collections Technology Awards. We were also a finalist for the Affordability Assessment Solution award.
To add to our Paylink proposition we launched our Paylink Lending Product. Designed to enhance the traditional onboarding lending journey, the product provides a way for brokers, lenders and underwriters to digitally package lending applications within minutes – replacing the traditional postal and telephone method of packaging cases, which can sometimes take weeks to process.
Our new Partnership with Hooyu to provide Electronic ID verification means we can enable faster decisions for our broker and lender clients. HooYu uses know your customer (KYC) technology that allows clients to confirm the identity of their customers in a much more robust, compliant and secure way. The time taken to get a borrower through KYC will now be reduced from a process that could take days, down to a smooth digital journey that takes just a few minutes.
In the context of COVID-19, financial institutions have needed to better serve customers in distress by enhancing support in the use of digital tools and new products and services, helping customers make better use of existing digital and remote channels. Our work alongside several banking businesses has helped to limit the impact of the current downturn by building new experiences, helping their customers manage debt, adjust budgets, and make full use of new government initiatives.
We are ending the year with:
- Several great new client relationships
- Some new partner and supplier relationships designed to enhance our product features
- Enhanced product offerings and features working to deliver enhanced digital capability for all our clients
We’d like to take this opportunity to thank all our clients and their teams who have worked with us to help deliver some great new client integrations and product features.