Blog
Energy debt reaches another all-time high
Ofgem has now published their Q4 view of domestic debt in the energy industry and once again it makes for concerning reading. The material increase in the levels of unsecured debt to £2.3bn is a real worry and while falling prices are a welcome trend, suppliers need to get back in control by focussing on the factors that will reduce long term harm.
Collections in Water – Exceeding Ofwat’s expected outcomes
Water customers have seen their cost-of-living challenges amplified throughout Q1-24. It’s a concerning narrative largely driven by April’s expected bill increase, stats showing more customers are unable to pay, and most recently, the joint debt collection statement shared by the UK Regulators’ Network (UKRN) – in which Ofwat is prominent.
Build the right path – Aligning change to business strategy
As businesses become more dynamic and creative, adapting to numerous customer and regulatory factors; often change initiatives can emerge that seem a great idea – but don’t fundamentally align to the strategic direction of the business. The result is a business busy delivering change, but not getting where it wants to be.
Most suppliers missed smart meter targets in 2023
Despite a steady increase in the market-wide % of smart meters, our analysis shows a wide variation in supplier performance, with some installing as little as half of their 2023 target. If suppliers continue to miss their annual targets, the government's goal of 74.5% coverage will not be reached by 2025.
Motor Finance Complaints – Preparing for the 'new PPI’
Car finance DCAs have grabbed a lot of headlines already this year, with an estimated industry cost of £6bn to £16bn. Associated complaints present a major servicing challenge over the next six months, and businesses should be preparing to manage a substantial influx.
Avoiding customer service ‘black holes’ when embedding AI
Nearly all of our regular clients have told us they’re aiming to use more AI-driven solutions in 2024. Every single transformation plan or roadmap we’ve reviewed this year includes it to some degree. But which use case is most likely to deliver efficiencies and cost-savings, without unnecessary disruption – or even the unintentional creation of a customer service ‘black hole?’
Satisfying customers during large-scale change
Customers want a hassle-free service in Energy and Utilities, meeting their needs rapidly with as few interactions as possible. Suppliers delivering this will generally see their cost to serve fall, and reputation rise – so why does it feel like customers and companies are at odds with each other?
Reducing the true cost of complaints with Operational Excellence
Organisations within Financial Services continue to spend £millions each year on their complaint operation. Whilst executives may be thinking about prioritising growth and modernisation across the next financial year, it’s crucial that operational efficiency remains front of mind, to ensure the delivery of good customer outcomes and compliance to the regulatory bar.
Supporting customers in crisis – Reflections from StepChange
Customer care, through advice and debt sale, was the key theme when hosting our recent session with Vanessa Northam – Head of Charity Development at StepChange Debt Charity.
Price Cap at £1,690 – Welcome relief, and more competitive tariffs?
Ofgem have announced that April’s Headline Price Cap will be £1,690 a fall of £238 (12%) compared to Q124, now standing at its lowest level since October 2021.
Looking inside and out for smarter cost savings
Internal and external analysis is a powerful combination when setting your cost transformation goals. This blog shows how it can provide insight to help you achieve them, through a focus on understanding value, and leveraging cost benchmarking.
Energy Services – A catalyst for Private Equity
Digitalisation is accelerating rapidly in the energy sector, leading to a transformation of traditional business models, and the emergence of a tech-based energy services market. These companies are attracting significant investment from Private Equity firms, but what’s driving this? And is this trend here to stay?
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