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Meeting customers in the channel of their choice

Our aim is to offer our customers the ability to self–serve and interact with Hoist Finance through a choice of digital channels at any time and via any device. This empowers them to decide for themselves how and when to go through their financial commitments and subsequently also create their own repayment plans. This allows customers to more easily take control of their personal financial situation and engage with us through the digital channel of their choice 

Increasing collections through our digital channels 

2019 has seen the successful deployment of the Hoist Finance self-service portal in all countries. This means that all customers can now manage their debt online. The new Hoist Finance customer portal, launched in France, Germany, Poland and Spain in 2019, additionally enables customers to access all of their accounts through a secure registration process, get detailed account information, set up repayment plans and keep track of their progress. Hoist Finance UK has continued to be our lead market for innovation and new functionality releases through 2019. This has enabled the UK to reach 24 per cent of NPL collections through digital self-serve. These features are planned to be rolled out rapidly across all markets throughout 2020.

Hoist Finance overall is now successfully converting 15 per cent NPL collection through digital self-serve channels, with the ambition to reach 30 per cent by end of 2020. This will be supported by conversion rate optimisation, natural traffic improvement and omni-channel communication strategies. 

Being digital improves the understanding of our customers 

Our digital solutions also facilitate the capture and analysis of customer data that helps us understand customer behaviour and customer needs. With continuous improvements to Hoist Finance's data analytics, our digital solutions will become more customer-oriented and personalised to optimise our customer engagement. All data is secured through limited access, automatic monitoring and sensitive data encryption in accordance with applicable data protection regulations. 

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Digital by Default

We live and breathe digital in our everyday work across all touchpoints. We want to be perceived as the Digital frontrunner and inventor in our line of business. Digital by Default means that we use digital channels as the first choice across our business, internally and in contact with our customers, banks and other stakeholders, wherever possible and efficient.

New digital solutions launched and more in the pipeline 

A key to achieve our goal of being Digital by Default is our continued development of omni-channel strategies. Here, we are learning from the retail industry which has applied omni so well that it has become an intrinsic part of the shopping experience, in store and online. It’s so common in everyday transactions that our customers take it for granted and they expect us to offer the same type of solutions. In order to not disengage customers, we need to offer them the ability to complete their transaction in their channel of choice. Omni will therefore join our strategy seamlessly with our communication channels.  

We closely monitor the emergence of new technologies. SMS is still an essential part of our operational strategy to ensure we can deliver a low cost, high quality channel experience for our customers, replacing parts of our normal customer contact centre interaction. However, we see that SMS will start to be aged out and replaced by Rich Communication Services (RCS), Apple Business Chat, WhatsApp, etc. In-line messaging will change how call-to-actions for websites are achieved. To meet this demand for new communication channels we have developed and launched new messaging solutions through WhatsApp for business and RCS during the fourth quarter of 2019 and will follow the adaption of the solutions closely. 

Online automation via chat-bots is a useful tool to decrease costs, but they need to serve customers meaningfully for information requests or customer service. We are aiming at providing automated Artificial Intelligence (AI) driven chat-bots behind webchat, SMS and e-mail. Beyond an ability to answer numerous questions from our customers, we are pursuing AI usage in a virtual agent strategy where our chatbots can identify a customer, give them information on their case and status, and propose individual payment solutions. As a start we have launched our chat-bot in the UK during the fourth quarter 2019, and we will continue to evolve and roll out this technology in our other markets in 2020 and onwards. 

Investments now and onwards 

During 2019, Hoist Finance invested in and built a team that provides the resource capacity and skills to both deliver the technology and embed this operationally to achieve our operational and financial goals. We recruited new competence and talents with expertise in the digital area including digital marketing, digital customer experience and omni-channel. Furthermore, we have been able to offer new opportunities to our existing employees, such as the first internal recruitment of Artificial Intelligence trainers. This provides us with the organisational platform to drive and deliver on our strategy to become digital leader in our industry.  

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- Annual Report 2019 -
- Årsredovisning 2019 -