In the face of economic uncertainty and rising inflation, Housing Associations in the UK are faced with the challenge of providing support to vulnerable communities while ensuring their own financial stability.
By collaborating with payment providers such as allpay Limited, Housing Associations can create and increase their social value by leveraging data-driven insights, understanding customer needs, and offering diverse payment options.
Harnessing Data for Debt Avoidance:
Collaboration between payment providers and Housing Associations opens opportunities to utilise payment technologies to gauge affordability and prioritise debt avoidance. By integrating technology into the housing ecosystem, Housing Associations can proactively assess tenants' financial situations, enabling them to make informed decisions about rent payments and related bills. This not only safeguards tenants but also establishes a sense of trust and confidence in the services provided by Housing Associations.
Leveraging Open Banking for Customer Empowerment:
Data is a powerful tool for Housing Associations. It enables them to protect tenants and optimise experiences. By allowing secure access to users' financial data, providing real-time visibility for Housing Associations, Housing Associations can assess tenants' creditworthiness, determine eligibility for financial support such as housing benefits, and offer tailored financial advice. This personalised approach could help tenants manage their finances effectively, saving money and reducing the risk of financial hardship.
Tailoring Payment Solutions for Different Demographics:
Understanding the diverse demographics served by Housing Associations is crucial to building trust and delivering optimal services. Recognising that a 'one size fits all' approach is ineffective, allpay has been working with its clients to offer a complete range of payment options. Some tenants, particularly those without bank accounts, may prefer alternative methods such as prepaid cards or cash payments. By providing a choice, Housing Associations can demonstrate their commitment to supporting tenants and reduce the likelihood of missed or late payments due to payment incompatibility.
Building Trust through Customer-Centric Approach:
Housing Associations serve a vulnerable demographic, and trust-building is paramount. Data-driven insights and tailored payment solutions lay the foundation for trust, but it is equally important for Housing Associations to cultivate relationships that make tenants feel supported, empowered, and well-informed. By offering transparent and accessible payment options, Housing Associations can enhance their social value and contribute to the financial well-being of their communities.
As economic uncertainty continues, Housing Associations must adapt and prioritise the creation of social value. Collaborating with payment providers, such as allpay Limited, and leveraging data-driven insights allows Housing Associations to protect tenants, optimise customer experiences, and build trust. By understanding the unique needs of their communities and offering diverse payment options, Housing Associations can maximise their value, ensuring that they remain steadfast in their mission to support vulnerable individuals and provide affordable housing.
Learn more about allpay’s services here.