Blog
Winter Preparedness - Is it time for a Debt Health Check?
Given the £bn increases in unsecured debt and Direct Debit failures over the past year, suppliers have an opportunity to re-assess how they're set up to deliver customer outcomes. Leveraging this understanding is key to take control in such a challenging macro environment - see how improvements can be brought to life in this blog.
Watch: Why bad debt is an emerging concern
Falling energy prices are welcome news, but there's an emerging concern for suppliers, surrounding their approach to forecasting bad debt as market conditions change. In this video, Rachel Littlewood shares lessons from the front line to help you recognise potential cashflow challenges.
Complaints are an increasing burden for non-domestic suppliers
Energy suppliers will need to offer enhanced complaints services to more than 200,000 small businesses under new Ofgem rules, BFY estimates. The Complaints Handling Standards (CHS) are expanding from December 2024 to cover both micro and small businesses, and as volume increases, some will need to adapt more than others, to build the required maturity for higher demand.
Direct debit failures have reached an all-time high
Following on from last week’s look at the latest Ofgem debt figures, I wanted to dive deeper into the worrying number of £2.3bn of unsecured debt, up from £1.3bn a year ago.
Non-domestic Review: How should you prepare for change?
Non-domestic energy customers will be entitled to better customer service, more support resolving disputes, and greater transparency in a raft of new measures announced by Ofgem. And be aware – it wants action fast.
Energy suppliers face a third party complaints problem
Energy complaints increased in the latest data, and although volume is normalising at pre-pandemic levels, there’s a concerning trend emerging with third party involvement.
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.
Are Water suppliers ready for the latest cost-of-living challenges?
The Institute of Customer Service (ICS) showed in their July 2023 UK Customer Satisfaction Index (UKCSI) that customers are more dissatisfied than ever, with the index at its lowest score for 8 years.
An update on Energy Complaints Performance
Complaints challenges are set to continue in Q1. It’s a trend we’ve seen in recent years, that customers are more likely to complain during a period of high usage. However, based on current market conditions, this year’s uplift could be more significant than usual.
How to build Tiger Teams for faster problem solving
The 'Tiger Team' - what is it? And when is it valuable? By bringing cross-functional experts together, this approach is ideal for tackling critical challenges at pace - such as a sudden spike in complaints volumes, and all the servicing challenges that come with it.
Are you facing a cash gap in Smart prepayment?
On the whole, Smart metering has been welcomed by suppliers. However, as we’ll cover in this blog, there are growing problems in the Smart PAYGO space, where challenges with technology, process, and customer behaviour are leaving suppliers financially exposed.
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