SEPA Direct Debit Amendment Solution
SEPA Direct Debit Amendment Solution Recent research by the Competition and Consumer Protection Commission (CCPC) has indicated that while the majority (81%) of KBC and Ulster Bank current account customers plan to switch to a new current account provider, less than half (44%) have already opened one and among consumers who have already started or completed the process of switching, their biggest challenge was moving direct debits. In response to this challenge, IT Solutions, has partnered with Lightico, the leading Digital Completion platform, to deliver a SEPA Direct Debit Amendment Solution to help brands speed up Direct Debit change requests, easily and securely, ahead of the KBC and Ulster Bank exits. Most customers already have direct debits in place with multiple providers (direct debit originators) for common services, including: Energy usage (electricity and gas) Phone usage Mobile phone monthly plans Broadband usage Refuse collection services Loan repayments Insurance cover Gym membership A number of direct debit originators have online facilities where their customers can change direct debit details via a secure online portal, others use paper based forms, and some require their customers to contact them by phone. Because there are a lot of SMS/link scams, we designed the service so only the customer could request the SMS after calling into the brand and would therefore initiate and expect the actual branded SMS with secure link. As the timeline for the switch from KBC and Ulster Bank gets closer and closer, the likelihood is that thousands of customers will be phoning their direct debit originators due to last minute panic and the resources will not be in place to facilitate this surge in call volumes. The Solution – Direct Debit Change Made Easy “From personal experience, I found the process of switching direct debits extremely time consuming. I had to ring over ten brands directly, queuing for up to 30 minutes depending on when I called, just to change my bank details. These brands are already dealing with growth in customer enquiries due to Covid, energy costs, and inflation with fewer staff, so to add an additional volume of calls is really stretching them” according to John Finnegan, Sales Director, IT Solutions. “We knew there had to be a better way, which was secure, created trust but took a fraction of the time, so we developed a secure cloud based Direct Debit Amendment Solution. 1. When a customer phones their Direct Debit Originator, the brand will now offer them an IVR (Interactive Voice Responses) option, connecting them to a secure cloud solution which will send a branded SMS link to the customer’s mobile phone at the customer’s request. 2. Once the branded SMS message is received, the customer simply follows the simple instructions to change their direct debit details, all fully secured by Lightico’s Encrypted Digital Completion Cloud.3. Data validation can be provided, ensure that the customer data that the brand receives is clean.4. Simple to implement, can be integrated with back end systems if required. The diagram below