The surge of bad debt and arrears which has long been feared by utilities as a consequence of the pandemic has so far been staved off by government interventions such as furlough and extensions to universal credit.
But with these buffers due to be withdrawn, alongside already receding eviction protections, economists and consumer vulnerability experts expect significant increases in both new debt and the extremity of existing payment issues in the coming months.
To handle existing challenges and prepare for this eventuality, some utilities have begun to eye the potential of open banking – developed in the financial services to enable frictionless data sharing between banks and third party service providers – as a means to improving their debt handling capabilities.
Download The open banking opportunity for utilities – a new report created by Utility Week in association with Yolt Technology Services – to find out:
- Which utilities are conducting open banking trials and why.
- How open banking can support better identification of emerging payment issues
- How it can improve efficiency and reduce cost in payments processing
- How it can support decisiveness in debt resolution
- How it can support more tailored payment plans for struggling customers
- What challenges utilities might need to consider in applying the technology
Download the full report