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Equifax UK launches digital tool for easier access to social tariffs

Thursday 7 November 2024 13:45 CET | News

Equifax UK has unveiled a system designed to streamline eligibility assessments for social tariff discounts in the utilities and telecommunications sectors.

 

The new tool aims to help qualifying consumers more easily access discounts and special pricing arrangements available to households under financial strain. The process is intended to reduce both paperwork and delays, facilitating a faster route for customers to apply for aid. 

The product, named Tariff Connect, uses Open Banking technology integrated with a digital application form to automate the eligibility assessment process. By digitising the verification process, Equifax aims to shorten the time from application to approval, which typically spans weeks, down to minutes. Additionally, the system allows companies to periodically review customers’ eligibility to reflect any changes in their financial situation, enabling more responsive support for economically vulnerable individuals.

 

Equifax UK has unveiled a system designed to streamline eligibility assessments for social tariff discounts in the utilities and telecommunications sectors.

 

A rising need for accessible social tariffs 

This launch aligns with heightened financial pressure on consumers, especially in light of cost-of-living increases and mounting regulatory emphasis on the need to support financially at-risk households. Equifax’s latest Financial Health Report indicates that while some consumers have benefited from a stabilising economic environment, those in lower income brackets continue to face difficulties with essentials like energy costs, which remain significantly above pre-pandemic levels. 

Data from Ofcom suggests that approximately 9.3 million UK households struggle to afford communication services. Furthermore, the Financial Lives survey reports that 14% of UK consumers feel heavily burdened by domestic bills and credit obligations, with 14.6 million indicating that they are struggling or barely managing their financial responsibilities. 

Officials from Equifax UK noted that despite modest economic recovery, cost-of-living pressures persist, with domestic bills posing significant challenges for many households. With millions relying on Universal Credit, they emphasised the critical need for accessible social tariffs.  

The current manual process for proving eligibility, which involves paperwork and physical evidence, often creates unnecessary complexity and delays for those seeking financial relief. In essence, Tariff Connect aims to ease the process, offering a streamlined digital experience that provides a timely, efficient way for consumers to access inclusive and fairer tariff options.


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Keywords: digital onboarding, product launch, digitalisation, customer experience
Categories: Banking & Fintech
Companies: Equifax
Countries: United Kingdom
This article is part of category

Banking & Fintech

Equifax

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