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Energy debt hits record £3.8bn, as Ofgem propose initiatives to raise standards
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Total Ofgem reported debt is now at ~£3bn for Q3-2023
Total Ofgem reported debt is now at ~£3bn for Q3-2023, 50% (~£1bn) higher than Q3-2022. The primary driver is an £800m increase from accounts without No Arrangement in place to repay their debt.
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.
Consumer Standards – How can suppliers rebuild trust?
Following the publication of Ofgem's Consumer Standards decision, we look at the practical steps for implementation, focussing specifically on rebuilding trust with the customer, through the development of specific advisor skills, and tailored customer treatments.
Difficult Conversations – Equipping collections agents for optimal support
With Christmas on the horizon, consumer spending is set to face its usual seasonal increase, adding extra pressure to critical areas like credit card payments and energy bills. Inevitably, some consumers will find themselves in financial difficulty over the coming months, leading to more collections conversations with their service provider.
Most customers worse off due to Jan 2024 Energy Price Cap
OFGEM have released their updated Energy Price Cap figures for Q1-24, and our modelling predicts this will make most customers worse off compared to Q1-23.
BFY Group wins Business of the Year and Outstanding Growth awards
BFY Group celebrated a double win at the 2023 Nottinghamshire Business Awards, picking up the region’s prize for Business of the Year, as well as being winners in the Outstanding Growth category.
Financial Services and Utilities – What unites these sectors?
In recent years, Financial Services and Utilities have become dynamic and fast changing. Customers sit at the forefront of both sectors, with their impact on daily life creating expectations for quick, frictionless, and secure interactions. And with ever-evolving expectation, comes greater challenges for the organisations that provide these services.
Localised Energy Bills – How do they differ to the Price Cap?
We’re all familiar with the headline figure of the Energy Price Cap. Set most recently at £1,834 (following Ofgem's reduction in TDCV's), the number serves the useful purpose of providing an estimated average bill for customers. But rarely is there a discussion about the reality of this figure, and how it can’t possibly reflect the actual bills faced by households across the UK. In short, this is far from the case.
Winter complaints are coming – and this year, the pressure feels different
Lower temperatures, increased energy usage, and more customer complaints. Suppliers face this challenge during any winter, but this year, there's greater pressure at play. Vulnerability and customer support will remain top of the agenda, following last month's House of Commons Committee report, alongside the ongoing focus on Customer Standards by Ofgem.
Service vs Sales – A dilemma for suppliers as the market reopens
With the prospect of a switching resurgence on the horizon, it will be interesting to see whether suppliers decide to chase the volume of new customers, or seek to prioritise customer retention. In short, many are likely to face a ‘Service vs Sales’ dilemma – bringing a degree of unpredictability to the market.
Working at BFY - Mental Wellbeing Month
This year, we decided to run our first Mental Wellbeing Month at BFY, which came to a close earlier this week for World Mental Health Day. It’s been a hugely successful period, filled with initiatives and activities to help our team make the conscious effort to think about their mental health and wellbeing.
Customer indebtedness is set to worsen this winter
Customer indebtedness is growing at an unsustainable rate. And it’s projected to get worse as we head into winter. Analysis from our Market Insights supports this, highlighting three key points, which we’ve explored further in this blog.
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