Offering the option of online payment of arrears increases early engagement in debt resolution cases by two-thirds, finds new research by DCBL, a leading debt resolution firm.
Two in three (67%) people are more likely to pay an outstanding balance if they have the option of online payment, highlighting that an omnichannel approach to debt resolution drives early repayment.
The survey of 2,000 people, commissioned by debt resolution specialist DCBL, also revealed that online platforms play a pivotal role in encouraging payments in the younger generations and those in the lower income brackets.
DCBL’s data reveals that 89% of 18–24-year-olds and 86% of 25-34-year-olds say greater access to a payment portal via an app would increase their ability to pay bills on time.
DCBL managing director, Darren Connor, said: “The benefits of encouraging early engagement are beneficial for everyone concerned. Communicating with, and exchanging, information at the earliest stage possible reduces the chances of higher charges for the consumer at a later date, and allows us to support each individual based on their specific needs.
“An app and digital channels also allow us to provide greater support and access to our Vulnerability and Welfare Team. Messages can be sent, and responses received around the clock.”
DCBL continues to use technology to innovate and provide a broad range of communications channels and support to the people it serves. The launch of its customer app empowers users to set up payments, manage their debts, and contact the support team in a way they prefer.
Mr Connor said: “In many cases, people put off paying debts, which can lead to penalties in the long term, not because they can’t afford to pay but because the steps to doing so are not made simple.
“An app makes the contact and payment process frictionless and helps navigate barriers such as making contact outside of working hours.
“By introducing online portals and apps, and opening access to the potential of payment plans, people are more likely to get a greater understanding of what they owe, when they owe it, and ultimately settle outstanding payments at the right time.
“Online platforms like the one built by DCBL also give users the option to seek further support if they have affordability concerns or other questions about their finances.
DCBL prides itself on its ethical conduct and has a number of processes to improve early vulnerability identification.
Mr Connor added: “Those seeking advice about paying debt are also more likely to reach out if they can do so via an app. Message-based communications are the preferred channel for all demographics. That’s why we’ve introduced our Customer App.
“Enabling people to get in touch how they like, when they can, read frequently asked questions, or speak directly with the Vulnerability and Welfare Team.
“This takes the stress out of debt and increases the financial wellbeing factors linked to being in control.”
The DCBL Customer app is available to download on Apple iOS and Google Android app stores and devices. Download it here: https://dcbltd.com/news/
