The gradual change of many aspects within the financial sector can perhaps be attributed to the financial crisis that gripped the world over a decade ago. Closer to home there are a number of issues and situations that have arisen that have led to changes that will undoubtedly be felt by both individuals and businesses across the United Kingdom.
Wescot are one of the largest debt recovery agencies in the United Kingdom and as such have a keen interest in the current changes in the financial sector. The company have noted that these changes are due to a number of key factors that have influenced the financial market and have set in motion the need for change within the sector. One of the key factors associated with playing a part in the changes is in relation to the continued pressure being placed on a consumer with regards to their disposable income. Recent figures show that levels of disposable income have reached the same as they were in 2008, largely down to the consumer friendly interest rates.
One of the most significant factors, in the opinion of Wescot, is in relation to the change in regulations and regulatory bodies. Responsibility for regulating the financial sector has shifted from OFT to the Financial Conduct Authority. The FCA has already signalled their intention for a greater sense of fairness, transparency and honesty within the financial sector and many of the new regulations reflect this.
There is also greater competition than ever before within the financial service sector with large companies such as Tesco, Virgin Money and Sainsbury’s all having recently entered the market. With the prospect of further large organisations following suit in the not too distant future, more changes seem likely.
Wescot are one of the companies that have put in place a clear strategy to tackle these changes and are in a strong position financially to not only adapt but thrive. The company itself is committed to ensuring that the needs of their customers are met at all times and this is a major contributing factor in relation to their continued success.
Wescot are a company from the United Kingdom that were originally established in the early 1970’s and are now one of the largest debt recovery agencies in the United Kingdom. Wescot pride themselves on the excellent relationships that they form with their customers and enjoy working closely with them to achieve first class results time and time again. Wescot currently employ over 650 staff at various locations throughout the United Kingdom. They have centres in Hull, Saltcoats and Glasgow respectively and they place huge importance in both the recruitment of staff and the ensuing learning and development strategies that they put in place.
The staff at Wescot receive ongoing training in relation to both customer service and debt recovery techniques and much of the company’s success is down to the skills and expertise of the dedicated staff members. In addition to this the company possesses an executive team that can boast vast amounts of experience within the financial and debt recovery sectors. The staff at Wescot currently deal with over 5 million account holders per year and that figure looks set to increase as the reputation of the company continues to grow.
Wescot as a company have a number of core values that remain integral to the continued success of the company. These core values have served the company extremely well in the past and are a major part of the way that the company is seen from those on the outside. At a time when much is being made of the damaging impact of corruption and other negative factors, Wescot are a company that retains their sense of integrity and honesty. The board at Wescot strive to retain the core values of being open, ethical, client centred, trustworthy and passionate in every aspect of their business. Wescot use these core values to ensure that they remain the number one choice for their customers in relation to their debt management and recovery portfolios.
Wescot continue to look for ways in which to improve their services and welcome any feedback from customers or the public so that they can keep on evolving as a company. Wescot have recently introduced a complaints management system in conjunction with Equiniti and it is hoped that this will increase the levels of communication between all parties concerned.
Wescot are one of the market leaders within the debt recovery sector and are considered by many to be one of the largest debt recovery agencies within the United Kingdom. The company itself employs over 650 staff throughout the UK and has an impressive track record in relation to the levels of satisfaction enjoyed by their customers. With a burgeoning reputation for fairness, transparency, professionalism and integrity, Wescot are a company that are in a strong position to deal with the current changes in their sector.
Wescot are dedicated and committed to providing a first class service to their customers and it is with this in mind that they are always looking to improve their services in any way possible. The company prides itself on the high levels of customer service that their staff provide, and are keen to stress the importance of identifying and tackling the needs of their clients on an individual basis. With many changes taking place within the financial sectors, the need for a clear strategy and a willingness to evolve has never been greater.
Wescot have recently announced that they will be working in conjunction with two other companies to improve the efficiency of their service for the benefit of their customers. Adare are a company that provides editing software and is renowned for the quality of their software and programs. Wescot have decided to incorporate their SmartEdit software into their current system which will give them increased editing capabilities and improve the efficiency of the process when they need to change or alter records on their extensive database. In addition to this, SmartEdit also allows staff at Wescot to create new documents at the push of a button from existing templates which will significantly reduce the time currently spent creating new documents.
November 2013 also saw the introduction of a new partnership which would increase the company’s ability to deal with customer complaints. The complaints management system came about due to a partnership with a company called Equiniti and it is hoped that the new system, named Perito, will be a huge success and give Wescot increased capabilities in relation to dealing with customer complaints. The new system has been specifically designed for use within the financial sector and Wescot are confident that it will aid their staff in identifying and successfully dealing with all forms of customer complaints and grievances.