A look back on a year of financial support measures

Caroline Williams | Marketing Manager

With over 15 years' marketing experience in financial services, professional services and the public sector, Caroline has a solid understanding of customer experience, digital transformation and marketing technology.

Tuesday, 23 March 2021 marked a year since the UK’s lockdown measures were first introduced. The pandemic has had a great impact on people’s finances. While some people could save money or reduce their debt, many individuals have faced a hit to their income due to the Covid-19 crisis.

In this infographic, we highlight the key figures on the financial support given to customers across the country over the last 12 months.

A look back on a year of financial support measures

Understanding Customer Needs

Now more than ever, it’s important that lenders have a solid understanding of customer needs. We recently explored the four customer types that are likely to emerge after initial support measures such as payment freezes and mortgage payment holiday periods expire.

As a customer’s situation changes, for better or worse, lenders should be able to adapt their approach to enable fair treatment of that customer. A “one size fits all” approach will not work. With such a variety of different needs amongst customers, services will need to be tailored to their financial situation to deliver the best outcomes for the customer and the lender.

Facilitating good outcomes

As we move on from the effects of the pandemic, treating customers fairly in such unprecedented circumstances is key. Here at Target, we provide deep domain expertise, specialist skills and knowledgeable agents. Find out how we can support you and your customers through these challenging times, with our innovative collections and arrears management.

Our collections and arrears management services are designed to be both highly flexible and technologically advanced, to cut operational cost and processing times for even the most complex accounts. We service the complete collections and arrears cycle, offering support for the most vulnerable customers.

Learn more about our collections and arrears management services.