Equifax UK has launched an Open Banking solution, ‘Tariff Connect’, which helps certain utility and telecom providers automate customer eligibility assessments for social tariff discounts.
The new solution aims to make it simpler and easier for consumers to apply for and access discounts and special pricing plans that are available for households facing financial hardship.
By using a digital application form and Open Banking technology, ‘Tariff Connect’ is able to assess eligibility automatically. Without the need to provide manual documentation, the application process is reduced from weeks to minutes.
In turn, utilities and telecoms companies can continue to check eligibility at regular periods to understand any changes in consumer circumstances and provided ongoing support to financially vulnerable consumers where needed.
Earlier this year, Ofcom, the regulator for communications services, reported that around 9.3 million UK households find it difficult to afford communication services.
According to the Financial Conduct Authority’s recent ‘Financial Lives’ survey, 14% of UK consumers said they “felt heavily burdened” by their domestic bills and credit commitments, and 14.6 million individuals said they “were not coping, or finding it difficult to cope”, financially.
“The economic backdrop may have improved but beneath the surface, cost-of-living pressures remain high and domestic bills will be a particular concern for many,” Craig Tebbutt, chief strategy and innovation officer at Equifax UK, said.
“With nearly 6.4 million people in the UK relying on Universal Credit, the need for accessible social tariffs is greater than ever. Customers currently have to fill in paperwork and send postal evidence to prove their eligibility for bill discounts and payment holidays, which can be both confusing and time-consuming.”
He added: “The launch of Tariff Connect simplifies access to social tariff rates for those facing financial difficulty and reflects our commitment to leveraging technology to drive positive social impact.”
Equifax UK won ‘Best Sector Initiative’ for its ‘Tariff Connect’ solution at the Open Banking Expo Awards 2024, with the winners revealed at a ceremony on 15 October in London. Check out all the winners here.
Further reading: Equifax UK and OneID work together on new onboarding solution
