The issue
Our business depends on winning and retaining the trust and custom of our 2.2 million customers.
Customer treatment and responsible lending is an increasingly important issue for financial services companies. As one of the larger providers of home credit in emerging markets, we acknowledge our responsibility to set an example to others in the way we operate.
What we're doing about it
- We've set out clear Customer Principles to guide the business and are voluntarily aligning our business to the Financial Services Authority's Treating Customers Fairly (TCF) principles. Adopting TCF sends a clear signal about our commitment to responsible lending, it is good business practice and complements our work on values, business principles, responsible lending and financial literacy.
- As part of this work we've launched our Customer Charter which aims to clearly communicate to customers what levels of service they can expect. This is sent to all new customers in welcome and reserve letters, and communicated through the customer magazine. In some markets we've opened dedicated telephone lines for customers who want to know more.
- Given the key role our agents play we have also developed and rolled out an Agent Charter because to treat customers fairly we must treat our agents fairly. This sets out what agents can expect and our expectations of them in delivering excellent customer service and adhering to our responsible lending and personal safety rules.
- New Group-wide complaints management and customer communication policies have been developed.
- Dedicated TCF groups in each business which include representation from operations, marketing, customer communication, legal, credit and HR, who meet four times a year.
- Customer insight and a product development processes ensure our products and services are well matched to our customers' needs.
- Well developed controls, procedures and policies to make sure we lend responsibly.
- Through their weekly visits, agents can build trusted relationships with customers and help them stay in control of their credit.
- Our bonus objective framework across the Group includes contribution to improving the customer experience in addition to wider metrics aimed at longer term value such as contribution to corporate responsibility and improving engagement.