Consumer credit reporting agency Equifax UK has launched a new digital customer onboarding journey to help utility and telecoms providers automate customer eligibility assessments for social tariff discounts.
Through the solution, dubbed ‘Tariff Connect’, Equifax aims to make it easier for consumers to apply for social tariff discounts, helping them access discounts and special pricing plans available for households facing financial hardship.
Tariff Connect uses a digital application form and open banking technology to assess eligibility automatically, eliminating the need for manual documentation and cutting down the current timeline from weeks to minutes. It also enables firms to continue to check eligibility at regular periods so they can understand changes in consumer circumstances and continue to support financially vulnerable consumers.
The launch comes as consumers continue to feel affordability pressures from the cost of living and with both policymakers and regulators emphasising the importance of supporting consumers in financial difficulty.
The latest Equifax Financial Health Report reports the stabilising macroeconomic situation has meant some consumers are more able to afford their bills and credit repayments, but those in lower income brackets are still struggling with key costs like energy significantly higher than three years ago.
According to Ofcom, around 9.3 million UK households find it difficult to afford communication services. Meanwhile, the latest Financial Lives survey revealed that 14 per cent felt heavily burdened by their domestic bills and credit commitments and 14.6 million were not coping, or finding it difficult to cope, financially.
Offering financial support to struggling consumers
The new solution from Equifax could help firms improve operational efficiency; support their regulatory obligations to assist consumers through cost-of-living pressures; and proactively offer discounts and forbearance options for consumers struggling financially at scale – through an improved, digital consumer experience.
Craig Tebbutt, chief strategy and innovation officer at Equifax UK
Craig Tebbutt, chief strategy and innovation officer at Equifax UK, commented: “The economic backdrop may have improved but beneath the surface cost of living pressures remain high and domestic bills will be a particular concern for many.
“With nearly 6.4 million people in the UK relying on Universal Credit, the need for accessible social tariffs is greater than ever. Customers currently have to fill in paperwork and send postal evidence to prove their eligibility for bill discounts and payment holidays, which can be both confusing and time-consuming.
“The launch of Tariff Connect simplifies access to social tariff rates for those facing financial difficulty and reflects our commitment to leveraging technology to drive positive social impact. This seamless digital journey provides a fast and efficient way for people to unlock the fairer, inclusive tariffs they need to live their financial best.”
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