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Customer engagement at 247Moneybox.com

2 June 2016

The online payday loan firm 247Moneybox.com, announced today a major customer engagement drive to tailor its service to the needs of its customers.

According to Mark Hannay, 247Moneybox's COO, "Putting customers at the heart of our business has been central to our model since we launched in 2009. We are always looking to strengthen that commitment."

The payday loan firm aims to serve a niche of the 12 million strong "non-standard" population underserved by traditional banking.

Hannay continues "Our small single instalment loan fills that immediate money need be it an MOT, an unexpected bill or school trip."

The lender believes its social media channels and independent reviews are the key to understanding the changing needs of their customers. With over 725 reviews, 88,000 likes and 3,288 followers the firm seems well set to fulfil its commitment to putting customers first.

With a customer centric approach to conducting business the firm is well placed to ensure it upholds the expectations, rules and regulations set out by the regulator. Since 2014 the Financial Conduct Authority (FCA) has regulated the high cost short term credit industry (HCSTC), taking over from the OFT. The FCA are also the regulator for the entire credit industry from retail and investment banking to insurance mortgages and investments. Since 2015 the FCA has capped the interest rate on a HCSTC product to 0.8% per day of the amount borrowed.

A multi award winning FinTech operation, the firm is also a member of the alternative finance trade body, BCCA, since 2009 and a board member since 2013.