The client
The Consumer Credit Association (CCA) is committed to promoting the highest possible standards of business, ethics and customer service in the UK home credit industry.
It’s widely recognised and trusted by government, regulators and money advisers alike, and represents home credit providers at local, national and European level, providing advice, information and services.
The Association helps home credit providers run their businesses effectively, responsibly and—most of all—compliantly in the heavily regulated home credit market.
The challenge
It’s critical that home credit providers to ensure customers are fully aware of loan conditions and have enough time to consider the suitability of taking out a loan. At the same time, though, customers sometimes need speedy access to loans.
To make sure there are no slip-ups, the CCA provides model contracts and documents that comply with all existing regulations. But these paper documents can lead to problems if customers have poor handwriting.
Plus, the need to drop documents off and pick them up later can cause delays in the delivery of loans, particularly if home credit agents are on the road for a long time. And that was before 2020—the situation deteriorated when COVID-19 made in-person visits much more difficult.
The SDX solution
Working with the Consumer Credit Association, we developed CCA Digital: a digital wallet for all loan documents. Now, CCA members can send each customer a mobile text message with a link to the wallet instead of having to drop off paper documents in person.
The customers can then scroll through contracts and sign them with a single click.
The Association made CCA Digital available to all its 400 members at the end of 2020, complete with its fully compliant documents.
Members pay a per-wallet fee that includes the cost of CCA documentation. There is no setup cost. And the service can be rolled out to any customer who has a computer or mobile phone.
The results
Association members such as Ealing Trading have rolled CCA Digital out as standard for all customers, using it to send loan application and continuous payment authority forms and more.
The time it takes to issue paperwork this way is practically zero, and as soon as a customer has signed a document on their mobile phone it shows up on the home credit provider’s CCA Digital system.
That means customers don’t have to wait for their money; the only delay is if the customer has asked for a bank transfer. Also, because everything happens on screen, there’s no need to worry about handwriting or legibility.
