Total amount of credit £80, duration of the agreement 29 days, rate of interest 292% per annum (fixed), total amount payable (in one repayment) £98.56. Representative 1281.8% APR.
Culture in a firm is defined by our founding management team as being the ways employees act and the corporate beliefs they hold in the hypothetical scenario where all senior members of the firm left for a period of time. Put another way, culture, rather than trotting out the company line, is the consensual view of staff "off the record" as it were. As a responsible, tech focused, online lender, we are a firm that strongly believes in grounding our business with a strong customer service ethos. For example, we require our staff to make extensive customer service commitments at the outset of their employment and back that up with the right training so that they can live up to those commitments. Building this culture from the ground up but also ensuring that a good example is set top down is key to a consistent high level of service throughout 247Moneybox.com. Customer service training is not a one-off exercise and we are consistently striving to improve and adapt to the changing needs of our customers. We want to make sure that our services promote a first-class user experience which in turn leads to a long-term relationship with each and every one of our customers. As a result, it is important that we codify and commit to writing what we feel constitutes good customer service.
Customer service is grounded in the following areas:
As a financial services provider it is important to note that the overarching framework for excellent customer service is lending in a responsible fashion. We have set out our responsible lending commitments here. We start with this concept in our staff training as it sets the tone for delivering good customer outcomes and demonstrates how the firm puts the customer at the centre of the business model. Through responsible lending we can demonstrate in practical terms this aim. For example, we make it clear that treating customers fairly perhaps may start with a lending decision and the steps a potential customer takes in that regard but extends far beyond into all areas of customer interaction. It is this interaction that falls under the term customer service. The goal of our loans is to provide a possible short-term solution to a short-term money need to plug a gap in a cash-flow cycle. We must be clear that should a good customer outcome not present itself then we need to reconsider.
A consumer facing business that relies on trust must create a business model on respect. This starts with treating all staff with respect. Respect can extend into many areas for example when explaining our lending practices to a customer we need to provide an appropriate explanation permitting an understanding of our borrowing environment and our financial products. We want to make sure that our customers explicitly understand the offering before they make a borrowing decision.
This may seem an odd commitment to make in the context of customer services but as a regulated lender it is important not just to follow all the rules and regulations of the industry but to embrace them. The high degree of scrutiny that the industry has received in recent years has created a rule set that is in the best interests of the market at large and we owe it to our customers and potential customers to not only uphold these rules in letter but also in spirit. This is achieved through great training and communication and it is our goal to deliver a better standard of service that adheres to all current regulations prevalent in our industry. We must maintain extreme transparency given the previous criticism the industry has attracted about poor lending practices and information flows. By making sure that we have full compliance in our service and that all of our staff are knowledgeable about those rules and regulations, we can be confident in the sustainability of our business model.
As well as establishing full compliance, we want to deliver the same quality of experience throughout the process for all customers. When you apply for a loan not only should we demonstrate consistency in the application process but also in the supporting customer services functions. To do this we provide extensive role playing and scenario testing during training. This leads to predictability and a more efficient level of service at all stages of a customer journey.
As you would expect from a firm that calls itself 247Moneybox.com we want to make sure that our customer service agents maximise their availability, not just on the phone but across all contact mediums. By striving to make our contact hours convenient to our customers, we will attempt to ensure that our customers can receive service when it 's needed. We have worked to extend the times for our customer service lines, sms chat and more, in order to meet this commitment. By doing this we hope to ensure that we can increase communication and in turn allow our customers to make better lending decisions. The aim is for our customers to receive the help they need exactly when they need it. We understand that not everything will be available on our website and regular questions or concerns come up from time to time. Whilst we can leverage technology sometimes a human is required and we want to make sure we strive to be able to provide our customers the answers they need in a timely manner.
By this we mean that not only do we have variety in our contact methods but also that we ensure communication that is clear and jargon free. We want to make sure that our customers can get in contact with us using a format that they are most comfortable with. Drop us a line over e-mail or call us directly to receive the answers required. By keeping open and clear lines of communication, we want to make sure that our customers are always able to reach our customer service professionals that are helpful, knowledgeable and act with forbearance where appropriate.
The right training is as important if not more important than receiving a vast quantity of training per se. Knowledge is key and if we want our customers to have all the appropriate information to be able to make an informed borrowing decision then we strive to make our staff the best trained they can possibly be. We want to make sure that everyone working within our firm, from IT to HR to customer services is able to explain our product inside out. Ensuring that our customers can completely understand our loans and that our representatives can easily answer their questions is of vital important. Putting customers at the heart of our business is the central theme of our culture and business model.
Efficiency and customer service is a major component of what we do. It 's our goal to offer responsible, accessible jargon free payday loans. With our customer service commitments detailed here, our intuitive loan application process and technology led servicing platform, we aim to provide an exemplary customer experience. Data is held securely and online security is a top priority. Technology is there to assist not replace. We want to go above and beyond and create a service that scores highly for user experience and user interaction. By making sure that you can get access to products and services in such a fashion, we hope we are paving the way to a future next generation financial services firm.
Getting this balance right is an ongoing challenge and one that is central to our thoughts. With online security a top priority for all users we invest significant resources in getting it right. Surprises crop up and can have an impact on your cash flow, sometimes a flexible solution such as an online loan might be a suitable answer. If a customer needs assistance they can get this by speaking to one of our customer service agents over chat for example. This might be in their native chat application, an environment that they feel comfortable with. We ensure that any advice we do give is suitable and relevant. Where we need to we offer free debt advice.
Too often firms overlook customer service in their pursuit of sustainable growth. We don 't see these as mutually exclusive. We are a team of tech-minded experts but acknowledge that life requires a number of solutions to a number of different problems and that variety is where we set our business model. We want to work with our customers rather than just be a company that sells a financial product and build a meaningful relationship over time.
Contact us today if you would like to learn more about our customer service commitments or should you have any questions.