Empowering energy companies this winter – and beyond

01/12/2022

Empowering energy companies this winter – and beyond

The energy industry is facing some of its toughest challenges to date. Costs are rising drastically, reputation risk is also increasing, and the pressure is on for institutions to take action.

Trying to keep your business afloat during these times is one feat, but ensuring your customers are taken care of, and their problems resolved, is another.

The challenges are unprecedented and, until now, there hasn’t been a solution in place to solve some of the key problems that energy companies face.

Elifinty’s debt management platform is a one-of-kind solution, purpose-built to address these impending market challenges.

Below, you can see some ways in which Elifinty’s TrustConnect platform will help energy companies during this time, along with some words from Muna Yassin MBE, CEO of Fair Money Advice.

Fair Money Advice (FMA) are London-based specialist debt advice charity. Providing free financial and debt advice services, FMA help people to manage debt and financial worries – before they worsen.

As with many organisations, the pandemic meant FMA had to rethink some of their processes to continue operating efficiently. They saw where the gaps were, knowing their clients’ needs well, and began to think how they could use smart technology to speed up the debt advice processes as well as engage clients who had complex lives. Most notably, FMA wanted to be able to do these things, things that they were doing already, but in a way that could be scaled up.

During the pandemic, FMA began working with Elifinty with a mutual aim to unite creditors, advisors and clients to better manage problem debt. Since then, the two organisations have continued to collaborate and build a strong partnership, with more in the works.

Elifinty’s socially conscious debt management platform

An integrated solution designed to reduce the business impact of debt, the Elifinty platform is AI-driven, working to accelerate the efficacy of your processes, creating better outcomes for you and your customers.

Through the below, Elifinty is effective for many reasons, including reducing the time it takes to resolve an open debt case by 50%, helping energy companies to recover 6 x more in unpaid debt, and improving staff productivity by 40%.

“With this energy crisis, it’s about making sure that nobody falls through the cracks, and that we’re able to find that support for them as quickly as possible. That’s what Elifinty is setting out to achieve,” says Muna.

Better prioritisation of cases

Prioritising cases during this period is crucial to ensure vulnerable customers are protected. It also will drive customer loyalty and retention, aligning with customer expectations, and better reputation management.

Energy companies don’t quite have the visibility the need over customer debt profiles. Because of this inability to see which of their customers are at risk, customers can get neglected – pushed towards ineffective debt resolution channels, or not get the help as quickly as they need – which can ultimately impact their health and wellbeing. And result in slow resolution for you.

The platform offers visibility over customer debt profiles, with your teams being able to see the status of your customer’s financial situation and other relevant information to support their case.

This way, you can be more confident that you are giving your customers the right support when they need it.

“Also, if you can provide solutions for those with the most vulnerable characteristics, then you are able to support the wider population,” Muna explains. While supporting the wider population, this effective prioritisation of cases greatly supports the advisor too.

“Elifinty’s TrustConnect platform is a great for helping the advisor; the value is with the advisor who has the experience to tell what is a priority and what is not a priority. This smart technology brings in the resource it needs to allow a smart, efficient and effective way of prioritising cases.”

Digitalisation of processes

Through a single interface, Elifinty will improve your customer management processes and enhance your data collection and analysis – which will aid with better decision-making for your organisation and your customers.

Unfortunately, legacy technology still dominates a lot of domestic energy companies’ processes. It’s time for businesses to adopt the shift towards digitally empowered ways of working, for all the benefits it brings.

Fortunately, the Elifinty platform is offering energy companies a fast way to digitise customer service and support.

Implementing and deploying Elifinty’s solution isn’t a time-consuming or extensive process. The platform is non-intrusive, so your organisation can start using it straight away. From deployment, you can expect rapid time to value, and your processes to become much quicker and more effective.

For example, through our workflow automation feature, your team can identify and support at risk customers, even before issues arise, and immediately connect them to the right services.

The customer can also benefit from Elifinty’s digitalisation, in a way that can maintain momentum in processes – beneficial to you both.

“The platform digitalises the process of pulling in additional support, being able to contact creditors quicker, and provide up to date financial statements. This supports clients in reducing the complexity of gathering everything the adviser needs of them. It helps the client be able to concentrate on the things required from them, to start see impact of support and advice they receive on a longer-term basis,” explains Muna.

A culture of continuous improvement

Under the spotlight, energy companies are open to scrutiny. The industry cannot afford to fall behind in their responsibilities and requirements.

Our digitalised debt management tools and data analytics capabilities mean that you as an organisation can cultivate a culture of continuous improvement. It also allows you to respond rapidly and appropriately to the needs of your customers, and understand better where your responsibilities lie.

Through automation, you can expect a reduction in administrative requirements, and support your team to concentrate on activity that drives impact – enabling improvements across the board.

Connection to the right support

To prioritise the needs of your most vulnerable customers, you need to make sure the right support protocols are in place. Many companies have been relying on self-service systems for far too long, but these just aren’t effective nor are they adept to solve complex issues.

Alleviating pressure from your customer support team, the Elifinty platform has the infrastructure to give customers immediate access to the right support they need. Not only does our platform better connect you with your customers, but it also connects them to the right resources (first time around), and this ultimately connects your organisation to better practices.

As part of this, Elifinty brings local knowledge from across the UK and plugs it into a system where larger creditors can contact smaller and more locally based organisations, and refer people to them to carry on that support to them based on their local needs.

Elifinty helps you to overcome barriers to change

We understand it’s not possible for you to transform the way you manage customer support quickly with existing legacy tech, lack of visibility, and staffing constraints. This is where we come in.

We are providing a quick way to digitise, offering better visibility, the ability to identify and prioritise vulnerable customers, and improve competency.

The pressure on your systems is only going to increase as more people get in contact with concerns about paying their energy bills. Current online portals are simply not sophisticated enough to handle those queries. As defaults start to happen, energy companies need to be prepared to effectively, compassionately, and quickly respond to their customers.

“Energy companies can only see their debt, not the full financial life of a client’s individual circumstances. What Elifinty are offering, through their integration to debt advice agencies is a way to look at those individual circumstances in their entirety and make sure that any arrangements made are sustainable and take into consideration all of their needs as opposed to just their energy needs. This is really important,” Muna explains.

Adopt a socially conscious approach to debt management

In many cases, businesses don’t have a pre-defined way to solve the varying complex issues of their customers. The Elifinty platform offers this, improving efficiency across the board.

Our tools effectively provide the entire workflow for energy companies, so they can manage their customers on the platform themselves. Different solutions are offered depending on the customer’s issue, making sure that they get the right help in the most appropriate and effective form. It’s a customer-centric approach that saves costs and time.

Elifinty provide automatic referrals (that includes customers financial data and affordability) and access to grants that can provide immediate relief for customers if they are struggling to pay. This streamlines the customer journey, saving the waiting time for a letter, or trying to get in touch with the right correct people.

Alongside improving customer experience, the Elifinty platform:

  • Provides companies with the tools to better manage their portfolio
  • Automates approvals
  • Increases staff productivity – automating tasks that were previously manual
  • Reduces customer service costs
  • Can provide quick relief to customers for faster resolution
  • Stores customer data to enable quick connection
  • Offers a self-service option – where users can check their balance, change payment dates, or apply for payment holidays, amongst other capabilities
  • Is customisable, allowing companies to execute unique solutions rapidly
  • Is an end-to-end tool, streamlining processes
  • Enables energy companies to efficiently scale their customer support

And there’s more features in the making that will work to make the journey to solving problem debt as stress-free and simplified as it can be.

At Elifinty, we believe that most problems can be solved if people are given the right tools. So, we’re giving energy companies – and their customers – the right tools, helping them to better navigate financial distress and problem debt.

Why Elifinty?

“It’s important to recognise that there have been strides made, but I think all of us could do better, because the problem is so vast,” Muna says, “there are ways that Elifinty can work for energy companies so that their customers receive locally based advice, taking into consideration their local creditors. This can connect them with the local knowledge of community embedded organisations that ultimately provides a more holistic approach.”

We are only at the beginning of the energy crisis, and the economy of the UK is set to worsen. Energy suppliers need to be one step ahead of a system that is already falling behind.

Fuel poverty is on the rise, and families are struggling to make ends meet. These nation-wide challenges need to be handled cautiously, carefully, and respectfully – giving customers the support they deserve.

Providing one digital platform that connects businesses to their customers and to better practices, Elifinty is driving long-term financial resilience for everyone. Protect your customers, and protect your reputation through more socially conscious practices.

We can no longer push our problems to one side. Together, we can create sustainable outcomes for all, for a world free from problem debt.

Get in touch today to be a part of the solution.

Download use case to find out more

Download Energy Companies Use Case

Hoss Atri

Written by Hoss Atri

Chief Revenue Officer & Head of Partnerships

Accomplished executive with a solid track record spanning more than 25 years in Fintech including sales management in banking and international payments.

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